<ARTICLE>                                                                    5
<LEGEND>                                                        
THIS SCHEDULE  CONTAINS  SUMMARY  FINANCIAL  INFORMATION  EXTRACTED  FROM TEEKAY
SHIPPING CORPORATION AND SUBSIDIARIES  CONSOLIDATED  FINANCIAL STATEMENTS AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>                                                       
<MULTIPLIER>                                                             1,000
                                                                       
                                                                             
<PERIOD-TYPE>                                                                       3-MOS
<FISCAL-YEAR-END>                                                                   MAR-31-1998
<PERIOD-START>                                                                      APR-01-1997
<PERIOD-END>                                                                        JUN-30-1997
<CASH>                                                                             143,866
<SECURITIES>                                                                             0
<RECEIVABLES>                                                                       23,638
<ALLOWANCES>                                                                             0
<INVENTORY>                                                                              0
<CURRENT-ASSETS>                                                                   185,389
<PP&E>                                                                           1,694,590
<DEPRECIATION>                                                                     479,004
<TOTAL-ASSETS>                                                                   1,411,917
<CURRENT-LIABILITIES>                                                               90,063
<BONDS>                                                                            680,010
<PREFERRED-MANDATORY>                                                                    0
<PREFERRED>                                                                              0
<COMMON>                                                                           251,743
<OTHER-SE>                                                                         390,101
<TOTAL-LIABILITY-AND-EQUITY>                                                     1,411,917
<SALES>                                                                                  0
<TOTAL-REVENUES>                                                                    98,274
<CGS>                                                                                    0
<TOTAL-COSTS>                                                                       24,417
<OTHER-EXPENSES>                                                                    47,709
<LOSS-PROVISION>                                                                         0
<INTEREST-EXPENSE>                                                                  14,092
<INCOME-PRETAX>                                                                     14,013
<INCOME-TAX>                                                                             0
<INCOME-CONTINUING>                                                                 14,013
<DISCONTINUED>                                                                           0
<EXTRAORDINARY>                                                                          0
<CHANGES>                                                                                0
<NET-INCOME>                                                                        14,013
<EPS-PRIMARY>                                                                         0.49
<EPS-DILUTED>                                                                         0.49