<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>                                                           9-MOS
<FISCAL-YEAR-END>                                                 MAR-31-1998
<PERIOD-START>                                                    APR-01-1997
<PERIOD-END>                                                      DEC-31-1997
<CASH>                                                                116,133
<SECURITIES>                                                            1,000
<RECEIVABLES>                                                          24,298
<ALLOWANCES>                                                                0
<INVENTORY>                                                                 0
<CURRENT-ASSETS>                                                      156,217
<PP&E>                                                              1,717,287
<DEPRECIATION>                                                        478,319
<TOTAL-ASSETS>                                                      1,431,368
<CURRENT-LIABILITIES>                                                 119,752
<BONDS>                                                               632,253
<PREFERRED-MANDATORY>                                                       0
<PREFERRED>                                                                 0
<COMMON>                                                              260,678
<OTHER-SE>                                                            418,685
<TOTAL-LIABILITY-AND-EQUITY>                                        1,431,368
<SALES>                                                                     0
<TOTAL-REVENUES>                                                      305,063
<CGS>                                                                       0
<TOTAL-COSTS>                                                          78,406
<OTHER-EXPENSES>                                                      147,660
<LOSS-PROVISION>                                                            0
<INTEREST-EXPENSE>                                                     42,243
<INCOME-PRETAX>                                                        54,893
<INCOME-TAX>                                                                0
<INCOME-CONTINUING>                                                    54,893
<DISCONTINUED>                                                              0
<EXTRAORDINARY>                                                             0
<CHANGES>                                                                   0
<NET-INCOME>                                                           54,893
<EPS-PRIMARY>                                                            1.92
<EPS-DILUTED>                                                            1.90