<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-31-1999
<PERIOD-START>                                                    APR-01-1998
<PERIOD-END>                                                      DEC-31-1998
<CASH>                                                                 66,133
<SECURITIES>                                                           21,210
<RECEIVABLES>                                                          22,058
<ALLOWANCES>                                                                0
<INVENTORY>                                                                 0
<CURRENT-ASSETS>                                                      125,583
<PP&E>                                                              1,760,192
<DEPRECIATION>                                                        535,920
<TOTAL-ASSETS>                                                      1,412,589
<CURRENT-LIABILITIES>                                                  67,990
<BONDS>                                                               562,267
<PREFERRED-MANDATORY>                                                       0
<PREFERRED>                                                                 0
<COMMON>                                                              330,503
<OTHER-SE>                                                            451,829
<TOTAL-LIABILITY-AND-EQUITY>                                        1,412,589
<SALES>                                                                     0
<TOTAL-REVENUES>                                                      318,910
<CGS>                                                                       0
<TOTAL-COSTS>                                                          70,497
<OTHER-EXPENSES>                                                      173,396
<LOSS-PROVISION>                                                            0
<INTEREST-EXPENSE>                                                     35,030
<INCOME-PRETAX>                                                        50,840
<INCOME-TAX>                                                                0
<INCOME-CONTINUING>                                                    50,840
<DISCONTINUED>                                                              0
<EXTRAORDINARY>                                                         7,306
<CHANGES>                                                                   0
<NET-INCOME>                                                           43,534
<EPS-PRIMARY>                                                            1.41
<EPS-DILUTED>                                                            1.41