<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