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To: Haim R. Branisteanu who wrote (120122)	9/10/2001 12:57:19 PM
From: The Ox	Read Replies (2) \| Respond to of 436258

S+P Teekay Shipping (TK): Initiates coverage with 4 STARS (accumulate) Analyst: John Kartsonas With a total fleet of 95 vessels, and an aggregate tonnage of 9.5 million tons, Teekay controls 12% of world's mid-size (Aframax) tanker market. Mostly operating in the region from the Red Sea to U.S. West coast, 84% of revenues are derived from contracts on spot market. With favorable oil demand/supply economics during the upcoming winter season, and below average crude storage levels, Teekay should benefit going forward. Shares are trading at 80%-85% of net asset value based on vessel market prices, and 3.8 times S&P's 2001 EPS estimate of $9.20.