1
                                                                    EXHIBIT 21.1


The following is a list of the of Company's significant subsidiaries as at
June 1, 2001.




                                    NAME OF STATE OR               PROPORTION OF
SIGNIFICANT                         JURISDICTION OF                OWNERSHIP
SUBSIDIARY                          INCORPORATION                  INTEREST
- ----------                          -------------                  -------------
                                                            

BONA SHIPHOLDING LTD.               BERMUDA                         100%

SINGLE SHIP COMPANIES (2)           AUSTRALIA                       100%

SINGLE SHIP LIMITED
LIABILITY COMPANIES (42)            MARSHALL ISLANDS                100%

SOPONATA TEEKAY LIMITED             BERMUDA                          50%

TEEKAY CHARTERING LIMITED           MARSHALL ISLANDS                100%

TEEKAY SHIPPING LIMITED             BAHAMAS                         100%

UGLAND NORDIC SHIPPING ASA          NORWAY                          100%