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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 2)
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. SCHEDULE 13G
V89564 10 4 (Amendment No. 2) Page 2 of 6 Pages
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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 18,627,397
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SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 0
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EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 18,627,397
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WITH 8 SHARED DISPOSITIVE POWER
0
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON
18,627,397
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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)
64.7%
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12 TYPE OF REPORTING PERSON
00
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Page 2 of 6 Pages
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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 Euro
Canadian Centre, 4th Floor, Marlborough Street & Navy Lion Road, 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., Box 228, Temple Building, 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 in accordance with
Rule 13d-1(b)(1)(ii)(E)
(f) __ Employee Benefit Plan or Endowment Fund in accordance with Rule
13d-1(b)(1)(ii)(F)
Page 3 of 6 Pages
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(g) __ Parent Holding Company or Control Person in accordance with
Rule 13d-1(b)(ii)(G)
(h) __ Savings Association as defined in Section 3(b) of the Federal
Deposit Insurance Act
(i) __ Church Plan that is excluded from the definition of an investment
company under Section 3(c)(14) of the Investment Company Act of
1940
(j) __ Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
Not applicable.
Item 4. Ownership.
The following describes the ownership of Common Stock by Cirrus Trust as
of December 31, 1997:
(a) Amount beneficially owned: 18,627,397
(b) Percent of class: 64.7%
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: 18,627,397
(ii) Shared power to vote or to direct the vote: 0
(iii) Sole power to dispose or to direct the disposition
of: 18,627,397
(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.
Page 4 of 6 Pages
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Item 10(a). Certification.
By signing below the undersigned certifies that, to the best of its
knowledge and belief, 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.
Item 10(b). Certification.
Not Applicable.
Page 5 of 6 Pages
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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 15, 1998
CIRRUS TRUST
By: TRADEWINDS TRUST CO. LTD.,
as Trustee
By: /s/ RONALD J. MCFADYEN
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Name: Ronald J. McFadyen, C.A.
Title: Trust Officer
Page 6 of 6 Pages
