<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>                                                           6-MOS
<FISCAL-YEAR-END>                                                 MAR-31-1999
<PERIOD-START>                                                    APR-01-1998
<PERIOD-END>                                                      SEP-30-1998
<CASH>                                                                102,629
<SECURITIES>                                                           21,230
<RECEIVABLES>                                                          21,691
<ALLOWANCES>                                                                0
<INVENTORY>                                                                 0
<CURRENT-ASSETS>                                                      159,048
<PP&E>                                                              1,788,286
<DEPRECIATION>                                                        512,150
<TOTAL-ASSETS>                                                      1,446,516
<CURRENT-LIABILITIES>                                                  65,724
<BONDS>                                                               596,706
<PREFERRED-MANDATORY>                                                       0
<PREFERRED>                                                                 0
<COMMON>                                                              330,554
<OTHER-SE>                                                            453,532
<TOTAL-LIABILITY-AND-EQUITY>                                        1,446,516
<SALES>                                                                     0
<TOTAL-REVENUES>                                                      221,642
<CGS>                                                                       0
<TOTAL-COSTS>                                                          46,446
<OTHER-EXPENSES>                                                      114,406
<LOSS-PROVISION>                                                            0
<INTEREST-EXPENSE>                                                     24,892
<INCOME-PRETAX>                                                        45,739
<INCOME-TAX>                                                                0
<INCOME-CONTINUING>                                                    45,739
<DISCONTINUED>                                                              0
<EXTRAORDINARY>                                                         7,306
<CHANGES>                                                                   0
<NET-INCOME>                                                           38,433
<EPS-PRIMARY>                                                            1.26
<EPS-DILUTED>                                                            1.26