TEEKAY CORP LTD — Major Shareholding Notification 2003

Feb 15, 2003

SC 13G 1 o08976sc13g.htm SCHEDULE 13G Schedule 13G PAGEBREAK

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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. 6)*

Teekay Shipping Corporation

(Name of Issuer)

Common Stock, $0.001 par value per share

(Title of Class of Securities)

Y8564W 10 3

(CUSIP Number)

December 31, 2002

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

o Rule 13d-1 (b)

o Rule 13d-1 (c)

x Rule 13d-1 (d)

*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the notes).

PAGEBREAK

13G
CUSIP No. Y8564W 10 3
1.	Name of Reporting Person: Cirrus
Trust		I.R.S. Identification Nos. of above
persons (entities only):
2.	Check the Appropriate Box if a Member of
a Group:
	(a)	o
	(b)	o
3.	SEC Use Only:
4.	Citizenship or Place of
Organization: Organized under the laws of the Turks and Caicos
Islands.
Number
of Shares Beneficially Owned by Each Reporting Person
With
		5.	Sole Voting Power: 0
		6.	Shared Voting Power:
		7.	Sole Dispositive Power: 0
		8.	Shared Dispositive Power:
9.	Aggregate Amount Beneficially Owned by Each Reporting Person: 0
10.	Check if the Aggregate Amount in Row (9) Excludes Certain
Shares: o
11.	Percent of Class Represented by Amount in Row
(9): 0%
12.	Type of Reporting Person: 00

2 PAGEBREAK

13G

Item 1.	(a)	Name of Issuer:
		This Schedule 13G relates to Teekay Shipping
Corporation, a Marshall Islands corporation (the “Company”).
	(b)	Address of Issuer’s Principal Executive
Offices:
		The Company’s principal executive headquarters are
located at TK House, Bayside Executive Park, West Bay Street & Blake Road, P.O.
Box AP-59213, Nassau, Bahamas.
Item 2.
	(a)	Name of Person Filing:
		This Schedule 13G relates to Cirrus
Trust.
	(b)	Address of Principal Business Office or, if none,
Residence:
		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.
	(c)	Citizenship:
		Cirrus Trust is a trust organized under the laws of
the Turks and Caicos Islands.
	(d)	Title of Class of Securities:
		This Schedule 13G relates to the
Company’s common
stock, $0.001 par value per share (the “Common Stock”).
	(e)	CUSIP
Number:
		The CUSIP Number for the Company's Common Stock is
Y8564W 10 3.
Item 3.	If this statement is filed pursuant to
§§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing
is a:
		x	Not Applicable.
	(a)	o	Broker or dealer registered under section 15 of the Act (15
U.S.C. 78o).
	(b)	o	Bank as defined in section 3(a)(6) of the Act (15 U.S.C.
78c).
	(c)	o	Insurance company as defined in section 3(a)(19) of the Act
(15 U.S.C. 78c).
	(d)	o	Investment company registered under section 8 of the
Investment Company Act of 1940 (15 U.S.C. 80a-8).
	(e)	o	An investment adviser in accordance with
§240.13d-1(b)(1)(ii)(E);
	(f)	o	An employee benefit plan or endowment fund in accordance with
§240.13d-1(b)(1)(ii)(F);
	(g)	o	A parent holding company or control person in accordance with
§ 240.13d-1(b)(1)(ii)(G);
	(h)	o	A savings associations as defined in Section 3(b) of the
Federal Deposit Insurance Act (12 U.S.C. 1813);
	(i)	o	A church plan that is excluded from the definition of an
investment company under section 3(c)(14) of the Investment Company Act of 1940
(15 U.S.C. 80a-3);
	(j)	o	Group, in accordance with
§240.13d-1(b)(1)(ii)(J).

3 PAGEBREAK

13G

Item 4.	Ownership.
As of December 31, 2002, Cirrus Trust no longer beneficially owns the shares of
the Company’s Common Stock owned of record by Resolute Investments, Inc., a
Bahamian corporation.
	(a)	Amount beneficially owned:
		0
	(b)	Percent of class:
		0%
	(c)	Number of shares as to which the person
has:
		(i)	Sole power to vote or to direct the vote:
			0
		(ii)	Shared power to vote or to direct the
vote:
			0
		(iii)	Sole power to dispose or to direct the disposition
of:
			0
		(iv)	Shared power to dispose or to direct the
disposition of:
			0
Item 5.	Ownership of Five Percent
or Less of a Class.
If this statement is being filed to report the
fact that as of the date hereof the reporting person has ceased to be the
beneficial owner of more than five percent of the class of securities, check the
following x .
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.

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13G

Item 10.
Not applicable.

link1 "SIGNATURE" SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date:	February 14, 2003
Company Name(s):
CIRRUS TRUST
By:	TRADEWINDS TRUST CO., LTD., as Trustee
(Individually)
By:	/s/ Carla Cartwright
Name:	Carla Cartwright
Title:	Trust Officer

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