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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
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)
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CUSIP NO. SCHEDULE 13G PAGE 2 OF 6 PAGES
V89564 10 4
(1) NAMES OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
JTK 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 Bahamas
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(5) SOLE VOTING POWER
NUMBER OF 2,888,293
SHARES --------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
OWNED BY 0
EACH --------------------------------------------------------
REPORTING (7) SOLE DISPOSITIVE POWER
PERSON WITH 2,888,293
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(8) SHARED DISPOSITIVE POWER
0
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,888,293
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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)
10.1%
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(12) TYPE OF REPORTING PERSON*
OO
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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 JTK Trust.
ITEM 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE:
The business address of the reporting person is Worldwide Trust Services
Limited, P.O. Box N-4825, Charlotte House, Charlotte Street, Nassau, Bahamas.
ITEM 2(c). CITIZENSHIP:
JTK Trust is a trust organized under the laws of the Bahamas.
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 JTK Trust as
of December 31, 1997:
(a) Amount Beneficially Owned: 2,888,293
(b) Percent of Class: 10.1%
(c) Number of shares as to which such person has:
(i) sole power to vote or direct the vote: 2,888,293
(ii) shared power to vote or to direct the vote: 0
(iii) sole power to dispose or to direct the disposition of: 2,888,293
(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, 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 my knowledge and belief, the
undersigned hereby certifies that the information set forth in this statement is
true, complete and correct.
Date: January 12, 1998
JTK TRUST
By: WORLDWIDE TRUST SERVICES
LIMITED, as Trustee
By: /s/ JOHN E. KING
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John E. King, President
