it has received Securities and Exchange Commission approval for an initial public offering (IPO).

Bermuda-registered Teekay Shipping Ltd. manages the corporation's vessels through a global network of subsidiaries and affiliated offices.

The public offering consists of six million shares of common stock, 4.5 million offered in the US and 1.5 million shares offered outside the US, said Bloomberg business news.

Shares will be offered at $21.50 each. The IPO is expected to generate $120.6 million.

Goldman, Sachs & Co. will lead manage and Smith Barney Inc. and Furman Selz Inc. will co-manage the US portion while Goldman Sachs International will lead manage and Natwest Securities Ltd. will co-manage the international portion of the IPO.

Teekay Shipping Corp. provides international crude oil and petroleum products transportation services through its fleet of medium-sized oil tankers consisting of 40 crude oil carriers and two ore/bulk/oilers.

Earlier this year, Viking Star Shipping Inc. acquired 100 percent of affiliate Teekay Shipping Corp. and had adopted the company's name.