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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 1)
TEEKAY SHIPPING CORPORATION
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(Name of Issuer)
COMMON STOCK, NO PAR VALUE PER SHARE
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(Title of Class of Securities)
V89564 10 4
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(CUSIP Number of Class of Securities)
Page 1 of 6 Pages
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CUSIP NO. Page 2 of 6 Pages
V89564 10 4 SCHEDULE 13G
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Cirrus Trust
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) / /
(b) / /
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Organized under the laws of the Turks and Caicos Islands
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5 SOLE VOTING POWER
NUMBER OF SHARES 18,370,225
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BENEFICIALLY OWNED 6 SHARED VOTING POWER
BY EACH REPORTING 0
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PERSON WITH 7 SOLE DISPOSITIVE POWER
18,370,225
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8 SHARED DISPOSITIVE POWER
0
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON
18,370,225
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
EXCLUDES CERTAIN SHARES / /
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
65.1%
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12 TYPE OF REPORTING PERSON
00
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ITEM 1(a). NAME OF ISSUER:
This Schedule 13G relates to Teekay Shipping Corporation, a Liberian
corporation (the "Company").
ITEM 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
The Company's principal executive headquarters are located at the
Tradewinds Building, Sixth Floor, Bay Street, P.O. Box SS-6293, Nassau, Bahamas.
ITEM 2(a). NAME OF PERSONS FILING:
This Schedule 13G relates to Cirrus Trust.
ITEM 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE:
The business address of the reporting person is Tradewinds Trust Co.
Ltd., McLean Building, P.O. Box 62, 2001 Leeward Highway, Providenciales, Turks
and Caicos Islands, British West Indies.
ITEM 2(c). CITIZENSHIP:
Cirrus Trust is a trust organized under the laws of the Turks and
Caicos Islands.
ITEM 2(d). TITLE OF CLASS OF SECURITIES:
This Schedule 13G relates to the Company's common stock, no par value
per share (the "Common Stock").
ITEM 2(e). CUSIP NUMBER:
The CUSIP Number for the Company's Common Stock is V89564 10 4.
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13d-1(b) OR 13d-2(b),
CHECK WHETHER THE PERSON FILING IS A:
(a) [ ] Broker or dealer registered under Section 15 of the Act
(b) [ ] Bank as defined in Section 3(a)(6) of the Act
(c) [ ] Insurance Company as defined in Section 3(a)(19) of the Act
(d) [ ] Investment Company registered under Section 8 of the
Investment Company Act
(e) [ ] Investment Advisor registered under Section 203 of the
Investment Advisors Act of 1940
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(f) [ ] Employee Benefit Plan, Pension Fund which is subject to the
provisions of the Employee Retirement Income Security Act of 1974 or
Endowment Fund.
(g) [ ] Parent Holding Company, in accordance with Rule 13d-1(b)(ii)(G).
(h) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(H).
Not applicable.
ITEM 4. OWNERSHIP.
The following describes the ownership of Common Stock by Cirrus Trust as of
December 31, 1996:
(a) Amount beneficially owned: 18,370,225
(b) Percent of class: 65.1%
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: 18,370,225
(ii) Shared power to vote or to direct the vote: 0
(iii) Sole power to dispose or to direct the disposition of: 18,370,225
(iv) Shared power to dispose or to direct the disposition of: 0
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
Not applicable.
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
Not applicable.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY.
Not applicable.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
Not applicable.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP.
Not applicable.
ITEM 10. CERTIFICATION.
By signing below, the undersigned certifies that, to the best of its
knowledge and belief,
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the securities referred to above were acquired in the ordinary course of
business and were not acquired for the purpose of and do not have the effect of
changing or influencing the control of the issuer of such securities and were
not acquired in connection with or as a participant in any transaction having
such purposes or effect.
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SIGNATURE
After reasonable inquiry and to the best of its knowledge and belief,
the undersigned hereby certifies that the information set forth in this
statement is true, complete and correct.
Date: May 14, 1997
CIRRUS TRUST
By: TRADEWINDS TRUST CO. LTD.,
as Trustee
By: /s/ Mark O'Donoghue
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Mark O'Donoghue,
Senior Trust Officer
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