<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-31-1999 <PERIOD-START> APR-01-1998 <PERIOD-END> JUN-30-1998 <CASH> 78,651 <SECURITIES> 22,238 <RECEIVABLES> 23,699 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 141,986 <PP&E> 1,780,442 <DEPRECIATION> 489,114 <TOTAL-ASSETS> 1,447,214 <CURRENT-LIABILITIES> 98,259 <BONDS> 571,014 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 330,590 <OTHER-SE> 447,351 <TOTAL-LIABILITY-AND-EQUITY> 1,447,214 <SALES> 0 <TOTAL-REVENUES> 109,433 <CGS> 0 <TOTAL-COSTS> 22,846 <OTHER-EXPENSES> 55,594 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 14,034 <INCOME-PRETAX> 25,448 <INCOME-TAX> 0 <INCOME-CONTINUING> 25,448 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 25,448 <EPS-PRIMARY> 0.87 <EPS-DILUTED> 0.87