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Exhibit 12

ORIENT-EXPRESS HOTELS LTD. AND SUBSIDIARIES

Computation of Ratios of Earnings to Fixed Charges

(Dollars in thousands, except ratios)

	Year ended December 31,
	2000			2001			2002			2003
Earnings before minority interests and income taxes	$	45,965		$	34,080		$	29,144		$	26,646
Equity in undistributed earnings of unconsolidated companies		(2,995	)		(2,410	)		(2,142	)		(2,275	)
Add back dividends received		—			—			—			—
Total earnings before income taxes	$	42,970		$	31,670		$	27,002		$	24,371
Fixed charges:
Interest	$	23,770		$	20,403		$	21,691		$	22,549
Amortization of finance costs		892			1,152			1,617			3,280
Total interest		24,662			21,555			23,308			25,829
Interest factor of rent expense		336			403			369			455
Total fixed charges		24,998			21,958			23,677			26,284
Capitalized interest		331			882			1,271			1,795
Fixed charges (excluding capitalized interest)	$	24,667		$	21,076		$	22,406		$	24,484
Earnings before fixed charges (excluding capitalized interest) and income taxes	$	67,637		$	52,746		$	49,408		$	48,860
Ratio of earnings to fixed charges		2.7			2.4			2.1			1.9

80

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ORIENT-EXPRESS HOTELS LTD. AND SUBSIDIARIES Computation of Ratios of Earnings to Fixed Charges (Dollars in thousands, except ratios)