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TEEKAY SHIPPING WILL LEAVE CANADA

Teekay executives say that the Canadian Senate is considering a bill that would make company directors liable for oil spills caused by crew members, with maximum fines reaching $400,000 for an indictable offense. Bill C-15 also states that Canadian jurisdiction will be extended from Canada's 12-mile limit to the 200-mile Exclusive Economic Zone.

The company is considering, among other options, moving to another country and not shipping in Canadian waters. The Shipping Federation of Canada and the Chamber of Shipping of British Columbia have also voiced their concerns regarding the impending legislation.