ONBOARD PROJECT GENESIS SHIP -Central Park Brings the Outdoors In, Creating Open-air Neighborhood for Guests That Reaches to the Sky

In its latest evolution in cruise ship design, Royal Caribbean International’s Project Genesis will bring the best of the land to sea with Central Park, a revolutionary design in which the center of the ship opens to the sky and features lush, tropical grounds spanning the length of a football field. An exquisite public gathering place featuring serene pathways, seasonal flower gardens and canopy trees, Central Park will provide cruisers with more choices in a unique outdoor space. One of the ship’s most ground-breaking spaces, this new concept is the first of seven neighborhoods to be unveiled on Project Genesis. Each neighborhood will provide vacationers with the opportunity to seek out relevant experiences in various locales based on their personal style, preference or mood. Elegant and lively, Central Park’s central piazza will be the ship’s “town square” which evolves from a tranquil and peaceful atmosphere during the day to a gathering space for alfresco dining and entertainment in the evening, where guests will enjoy concerts and street performances. The neighborhood is lined with balcony staterooms rising six decks high with views of the Park below and the sky above. Surrounding this social space will be an array of restaurants, with choices ranging from fine dining to casual chic. Guests will have the option of an elegant dinner at the new 150 Central Park or a picnic lunch from the more casual Central Park Café, where they can sit outdoors and people-watch. Other dining choices will include: Giovanni’s Table, an Italian restaurant; Vintages wine bar; and Royal Caribbean International’s signature Chops Grille steakhouse. Several bars will be scattered throughout the Park, including the Canopy Bar, located at one of two impressive glass-domed canopies, and the unique Rising Tide bar - the first moving bar at sea. Truly an engineering feat, Rising Tide will span three decks and allow cruisers to enjoy a cocktail as they slowly ascend into Central Park and then descend back into the public spaces below. Central Park also will have stylish boutique shops, showcasing a selection of upscale merchandise. “Building such a large vessel allowed us to add even more of the choices and amenities that our guests value and Central Park is a dramatic addition to our already extensive array of exciting features,” said Richard D. Fain, Chairman & CEO, Royal Caribbean Cruises Ltd. “Central Park is the first of many dynamic neighborhoods on Project Genesis which will enable each guest to find his or her own space and activity.” “Our brand identity is founded in innovation and on delivering the best cruise vacation through ‘WOW’ experiences,” stated Adam Goldstein, President & CEO, Royal Caribbean International. “Central Park is a true evolution of cruise ship design and allows us to provide our guests with not only a more varied selection of balcony accommodations, but also a stunning public venue that will be a central element of the ship, both during the day and at night.”

Central Park is located on Deck 8 of the ship, with dimensions of 62 feet (19 meters) wide and 328 feet (100 meters) long. The sophisticated neighborhood will include 334 staterooms overlooking the Park, 254 with balconies.

Central Park will be landscaped with tropical foliage, including seasonal flowers, shrubs and trees. Drawing on the concept of unexpected surprises and intrigue, garden spaces throughout the Park will sprout from charming pathways. Drifts of Calla Lilies among Giant Elephant Ears, Red Ginger, Rabbit Foot Ferns and Zebra Calathea are some of the plant life guests will discover. Trees, some eventually reaching more than two-and-ahalf decks tall, include Black Olive, Cuban Laurel, Cherry of the Rio Grande, and Painted and Golden Bamboo. Surprises in the Park include quiet reading corners; a Chess Garden with large-scale pieces; the Pergola Garden, an interpretive garden featuring vegetation from a host of Caribbean locales; and a Sculpture garden, highlighting work by international artists. Irrigation and drainage systems will be incorporated, along with micro-climate control techniques. An on-site horticulturist will provide educational classes for guests seeking to learn more about flora. The Crystal Canopies, two impressive arched-glass domes, one with a bar, will be a focal point of Central Park and provide sunlight into the ship’s inner public spaces. Restaurants and dining options in the Central Park neighborhood include:
The most exclusive dining venue on the ship, 150 Central Park combines leadingedge cuisine with leading-edge design. An observation window into the kitchen of this stylish restaurant will give Central Park passersby the opportunity to observe the executive chef in action.

Open for dinner.

– Continuing the tradition, Royal Caribbean’s popular signature steakhouse will offer premium cut, quality meats in an upscale, contemporary setting. Open for dinner.

– Influenced by the Tuscan countryside, Giovanni’s will be a casual new Italian restaurant concept offering toasted herbal breads, pizzas, salads, pastas, Italian sandwiches, braised meat dishes and stews. Rustic with a contemporary flair, dishes are served family style in an indoor and outdoor setting to provide an alfresco experience in Central Park. Open for lunch and dinner.
– A casual dining choice providing a high level of variety and flexibility, Central Park Café is an indoor/outdoor gourmet market with walk-up counters. From freshly prepared salads and made-to-order sandwiches to paninis, crepes and hearty soups, guests order directly from the chefs behind the food stations. European pastries, sublime chocolates and decadent fudge round out the offerings. Open for breakfast, lunch, snacks, dinner and late night treats.
Always a popular hot spot for Royal Caribbean guests on Voyager- and Freedom-class ships, the Vintages wine bar evolves into a larger space on Project Genesis, offering a variety of options for those seeking a tropical white Riesling or a mocha-inflected Merlot. Great for a pre-dinner rendezvous, Vintages also provides a selection of cheeses and a full tapas menu to accompany a robust selection of fine wines. Open for lunch and dinner.
Central Park will feature upscale retail boutiques for discerning travelers, including specialty outlets such as The Parkside Gallery, showcasing original artwork for purchase, and Picture This, a portrait studioWhen she launches in late 2009, Project Genesis will be the largest and most revolutionary cruise ship in the world. An architectural marvel at sea, she will span 16 decks, encompass 220,000 GRT, carry 5,400 guests, and feature 2,700 staterooms. The ship will sail from her home port in Fort Lauderdale, Fla. In 2010, she will be joined by a sistership. Additional information is available at www.royalcaribbeangenesis.com.
http://www.cht-caribbean-cruise.com

Royal Caribbean International is a global cruise brand with 20 ships currently in service and three under construction. The line also offers unique cruisetour vacations in Alaska, Asia, Australia, Canada, Europe, South America and New Zealand. For additional information or to make reservations, call your travel agent call 1 877 325 7522.

 MIAMI - April 24, 2008 - Royal Caribbean Cruises Ltd. (NYSE, OSE: RCL).

Key Highlights

• First quarter 2008 net income of $75.6 million, or $0.35 per share, compared to $8.8 million, or $0.04 per share in 2007.
• First quarter 2008 Net Yield grew 7.1% to a record $173 per APCD.
• First quarter 2008 Net Cruise Costs per APCD increased 2.9%, and decreased 1.0% excluding fuel.
• Fuel prices increased 53% versus 2007, but energy savings initiatives and hedging lowered the cost impact per APCD to 24%.
• For the full year 2008, the company continues to expect Net Yields to increase in a range around 4%, and adjusting for higher current fuel prices, earnings per share to be $2.85 to $3.00.

“It is gratifying that, despite the challenging economic times, our guests continue to appreciate the outstanding value offered by our brands,” said Richard Fain, Chairman and Chief Executive Officer. “We delivered the highest first quarter yields in our company’s history, with significant improvement in ticket prices and continued healthy onboard spending.”

Royal Caribbean Cruises Ltd. today announced net income for the first quarter 2008 of $75.6 million, or $0.35 per share, compared to net income of $8.8 million, or $0.04 per share, in 2007. The significant increase in earnings per share versus the first quarter 2007 was due primarily to increased capacity and higher yields, offset by higher fuel prices. Revenues for the first quarter 2008 increased to $1.4 billion from revenues of $1.2 billion in the first quarter 2007. Higher fuel prices increased costs by $60 million in the first quarter 2008, which reduced earnings per share by $0.28.

Key metrics for the first quarter 2008, as compared to the first quarter 2007, were as follows:

• Net Yields increased 7.1% to a record $173 per APCD.
• Excluding fuel, Net Cruise Costs per APCD decreased 1.0%.
• Fuel prices increased 53%, while fuel costs per APCD increased 24%; benefiting from energy saving initiatives and hedging. The average at-the-pump price for the quarter was $592 per metric ton versus $388 per metric ton in 2007.
• Net Cruise Costs per APCD increased 2.9%.

2008 Outlook
The company expects its second quarter 2008 earnings per share to be $0.40 to $0.45, and expects full year 2008 earnings per share to be $2.85 to $3.00.

“Our record yield performance in the first quarter and our solid forward bookings demonstrate our resilience and are certainly reassuring,” said Fain. “Our brands have clearly differentiated themselves and our portfolio of innovative newbuilds will continue to feed their momentum.”

Fain continued, “Higher fuel prices have been a prolonged challenge for us, but our management team remains focused on cost controls and continues to help mitigate the impact. Except for higher fuel prices, it is very gratifying to see our revenues and earnings projected to be as good or better than our original expectations. Our brands’ momentum, cost savings initiatives, growing economies of scale and the efficiencies of our new vessels should continue to improve our shareholder value.”

The company provided the following estimates for the second quarter and full year 2008, as compared to the second quarter and full year 2007, respectively.

The company expects to have a 5.1% increase in capacity in 2008, driven primarily by a full year of Liberty of the Seas, the Independence of the Seas entering service in May, Pullmantur’s purchase of Pacific Star, and Celebrity Solstice entering service in the fourth quarter.

The company does not forecast fuel prices and its cost guidance for fuel is based on current at-the-pump prices net of any hedge impacts. Based on today’s fuel prices, the company has included $685 million in fuel expenses in its full year 2008 guidance. This figure is $90 million, or $0.42 per share, higher than at the time of its previous earnings guidance.

As of March 31, 2008, liquidity was $1.4 billion, including $0.4 billion in cash and cash equivalents and $1.0 billion in available credit on the company’s unsecured revolving credit facility.

Based on current ship orders, projected capital expenditures for 2008, 2009, 2010, 2011, and 2012, are estimated to be $1.9 billion, $2.0 billion, $2.2 billion, $1.0 billion, and $1.0 billion, respectively. Projected capacity increases for the same five years are estimated at 5.1%, 9.3%, 11.4%, 6.4%, and 3.4%, respectively.

The company has scheduled a conference call at 10 a.m. Eastern Daylight Time today to discuss its earnings. This call can be heard, either live or on a delayed basis, on the company’s investor relations web site at www.rclinvestor.com.

Terminology

Available Passenger Cruise Days (”APCD”)
APCDs are our measurement of capacity and represent double occupancy per cabin multiplied by the number of cruise days for the period.

Gross Cruise Costs
Gross Cruise Costs represent the sum of total cruise operating expenses plus marketing, selling and administrative expenses.

Gross Yields
Gross Yields represent total revenues per APCD.

Net Cruise Costs
Net Cruise Costs represent Gross Cruise Costs excluding commissions, transportation and other expenses and onboard and other expenses. In measuring our ability to control costs in a manner that positively impacts net income, we believe changes in Net Cruise Costs to be the most relevant indicator of our performance. We have not provided a quantitative reconciliation of projected Gross Cruise Costs to projected Net Cruise Costs due to the significant uncertainty in projecting the costs deducted to arrive at this measure. Accordingly, we do not believe that reconciling information for such projected figures would be meaningful.

Net Debt-to-Capital
Net Debt-to-Capital is a ratio which represents total long-term debt, including current portion of long-term debt, less cash and cash equivalents (”Net Debt”) divided by the sum of Net Debt and total shareholders’ equity. We believe Net Debt and Net Debt-to-Capital, along with total long-term debt and shareholders’ equity are useful measures of our capital structure.

Net Revenues
Net Revenues represent total revenues less commissions, transportation and other expenses and onboard and other expenses.

Net Yields
Net Yields represent Net Revenues per APCD. We utilize Net Revenues and Net Yields to manage our business on a day-to-day basis as we believe that it is the most relevant measure of our pricing performance because it reflects the cruise revenues earned by us net of our most significant variable costs, which are commissions, transportation and other expenses and onboard and other expenses. We have not provided a quantitative reconciliation of projected Gross Yields to projected Net Yields due to the significant uncertainty in projecting the costs deducted to arrive at this measure. Accordingly, we do not believe that reconciling information for such projected figures would be meaningful.

Occupancy
Occupancy, in accordance with cruise vacation industry practice, is calculated by dividing Passenger Cruise Days by APCD. A percentage in excess of 100% indicates that three or more passengers occupied some cabins.

Passenger Cruise Days
Passenger Cruise Days represent the number of passengers carried for the period multiplied by the number of days of their respective cruises.

Royal Caribbean Cruises Ltd. is a global cruise vacation company that operates Royal Caribbean International, Celebrity Cruises, Pullmantur Cruises, Azamara Cruises and CDF Croisieres de France. The company has a combined total of 35 ships in service and seven under construction. It also offers unique land-tour vacations in Alaska, Asia, Australia, Canada, Europe, Latin America and New Zealand.

Certain statements in this news release are forward-looking statements. Forward-looking statements do not guarantee future performance and may involve risks, uncertainties and other factors, which could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward‑looking statements. Such factors include general economic and business conditions, vacation industry competition, including cruise vacation industry competition, changes in vacation industry capacity, including over capacity in the cruise vacation industry, the impact of tax laws and regulations affecting our business or our principal shareholders, the impact of changes in other laws and regulations affecting our business, the impact of pending or threatened litigation, the delivery of scheduled new ships, emergency ship repairs, negative incidents involving cruise ships including those involving the health and safety of passengers, reduced consumer demand for cruises as a result of any number of reasons, including geo-political and economic uncertainties, the unavailability of air service, armed conflict, terrorist attacks and the resulting concerns over safety and security aspects of traveling, the impact of the spread of contagious diseases, our ability to obtain financing on terms that are favorable or consistent with our expectations, changes in our stock price or principal shareholders, the impact of changes in operating and financing costs, including changes in foreign currency, interest rates, fuel, food, payroll, insurance and security costs, the implementation of regulations in the United States requiring United States citizens to obtain passports for travel to additional foreign destinations, weather, and other factors described in further detail in Royal Caribbean Cruises Ltd.’s filings with the Securities and Exchange Commission. The above examples are not exhaustive and new risks emerge from time to time. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In addition, certain financial measures in this news release constitute non-GAAP financial measures as defined by Regulation G. A reconciliation of these items can be found on our investor relations website at www.rclinvestor.com.