Title XI Funding
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Marine Log

June 7, 2007

Teekay Shipping Corporation changes name to Teekay Corporation

Teekay Corporation (NYSE: TK) it has legally changed its company name from Teekay Shipping Corporation to Teekay Corporation. The name change was filed with the Marshall Islands Registrar of Corporations following approval by shareholders at its annual general meeting held on May 29, 2007.

Teekay says it proposed the name change "to reflect the companyŐs asset management focus and expanded service offering as a leader in the marine midstream sector."

According to Teekay, its asset management platform is based off of an innovative corporate structure that includes majority ownership of two publicly-listed master limited partnerships, Teekay LNG Partners L.P. (NYSE: TGP) and Teekay Offshore Partners L.P. (NYSE: TOO), and 100 percent ownership of their respective general partnerships. In addition, Teekay has recently announced its intention to create Teekay Tankers, a separate publicly-listed entity that will initially own a portion of its conventional tanker fleet.

In addition to conventional oil shipping, still considered to be TeekayŐs core business that it continues to grow, the company also provides floating production, storage and offloading units (FPSOs), floating storage and offtake units (FSOs), shuttle tankers, lightering services, liquefied petroleum gas (LPG) and liquefied natural gas (LNG) transportation. In addition, Teekay offers various other services that include marine consulting, offshore engineering, project management, logistics, freight trading and more.

"I am pleased with the outcome of the vote as it demonstrates that our shareholders view Teekay as more than a shipping company and one that provides marine solutions to the energy sector," said Bjorn Moller, President and Chief Executive Officer of Teekay Corporation. "While shipping will always remain an important part of our business, over the years we have grown the company and expanded our service offering to extend well beyond conventional shipping. ItŐs exciting and fitting that our company name reflects that diversity and is more inclusive of our expansion into other areas."