Teekay Increases Dividend by 14 Percent

Teekay Shipping Corporation announced that its Board of Directors has voted to declare a cash dividend on its common stock of $0.2375 per share, representing a 14 percent increase over the previous quarterly dividend of $0.2075 per share. The dividend will be paid on October 27, 2006 to all shareholders of record as at October 13, 2006.