UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K
Current Report

Commission File Number 1-5109

TODD SHIPYARDS CORPORATION
(Exact name of registrant as specified in its charter)

DELAWARE                       91-1506719
(State or other jurisdiction of    (IRS Employer I.D. No.)
  incorporation or  organization)


1801- 16th AVENUE SW, SEATTLE, WASHINGTON   98134-1089
(Street address of principal executive offices - Zip Code)

Registrant's telephone number: (206) 623-1635



Item 5.  Other Events

Todd Shipyards Corporation announced today that its Board of
Directors has authorized the repurchase up to 500,000 shares
of its Common Stock from time to time in open market or
negotiated transactions.

Item 7.  Financial Statements and Exhibits

(c) Exhibits

  28-1 Press Release dated April 20, 2000.



SIGNATURES


Pursuant  to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly
authorized.


Dated:  April 20, 2000.

/s/Michael G. Marsh
______________________________
By:  Michael G. Marsh
On Behalf of the Registrant as
Secretary and General Counsel