TEEKAY ENDS 2002 WITH STEADY $33-MILLION 4Q NET INCOME

TEEKAY ENDS 2002 WITH STEADY $33-MILLION 4Q NET INCOME    Teekay Shipping Corp., the tanker shipping company listed on the New York Stock Exchange, reported a net income of $33.1 million for the fourth quarter, as time-charter rates increased from the previous quarter.
   The latest results compare with a net income of $31.2 million in the fourth quarter of 2001.
   Net voyage revenues for the latest quarter were $155.1 million, compared to $152.2 million recorded in the same period in 2001. Income from vessel operations increased to $48.6 million from $46.1 million a year earlier.
   Teekay’s time-charter tanker revenue per day rose to $20,562 in the fourth quarter, from $16,175 in the third quarter of 2002. However, this was down when compared to the $21,203 revenue per day of the fourth quarter of 2001.
   For the year ended Dec. 31, 2002, net income fell to $53.4 million, from $336.5 million. Net voyage revenues were $543.9 million, down from $789.5 million in the prior year. Income from vessel operations decreased to $119.3 million, from $383.5 million.
   Time-charter tanker revenue per day was $18,205 in 2002, down from $30,542 in 2001.
   “The tanker market improved during the fourth quarter of 2002 due to an increase in tanker demand combined with continued tight tanker supply following the sinking of the tanker ‘Prestige’ in November 2002,” Teekay reported.
   It said that the general strike in Venezuela disrupted oil exports and resulted in the replacement of short-haul crude supplies by long-haul supplies to meet the production shortfall, thereby increasing tanker demand in the fourth quarter.
   “The sinking of the ‘Prestige,’ a 26-year-old vessel, contributed to increased charterer discrimination against older vessels, resulting in an increased demand for more modern vessels,” Teekay said.
   In December, Teekay announced the takeover from Statoil ASA of its tanker shipping subsidiary Navion ASA for about $800 million in cash.
   Teekay said that the acquisition is expected to be completed in the second quarter.