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EXHIBIT 12

SEA CONTAINERS LTD.

COMPUTATION OF RATIOS

																							Pro forma 91/2% and 101/2% Senior Notes and 121/2% Senior Subordinated Debentures exchanged
		Year ended December 31,															Three months ended March 31,						Year ended December 31, 2002						Three months ended March 31, 2003
		1998			1999			2000			2001			2002			2002			2003			(100%)			(50%)			(100%)			(50%)
		(Dollars in thousands)
Earnings / (losses) before income taxes		$	63,634		$	66,654		$	59,146		$	22,656		$	59,834		$	(10,311	)	$	(15,091	)	$	54,169		$	57,001		$	(16,507	)	$	(15,799	)
Equity in undistributed earnings of unconsolidated companies			33			(23,804	)		(22,653	)		(26,565	)		(18,698	)		(2,958	)		(3,179	)		(18,698	)		(18,698	)		(3,179	)		(3,179	)
Add back dividends received			—			513			585			103			86			—			—			86			86			—			—
Total earnings / (losses) before income taxes		$	63,667		$	43,363		$	37,078		$	(3,806	)	$	41,222		$	(13,269	)	$	(18,270	)	$	35,557		$	38,389		$	(19,686	)	$	(18,978	)
Fixed charges:
	Interest	$	120,879		$	124,043		$	141,959		$	128,923		$	130,831		$	29,401		$	28,370		$	135,769		$	133,300		$	29,604		$	28,987
	Amortization of finance costs		4,957			5,043			5,659			5,787			5,020			1,113			1,109			5,747			5,384			1,291			1,200
	Total interest		125,836			129,086			147,618			134,710			135,851			30,514			29,479			141,516			138,684			30,895			30,187
Interest factor of rent expense			87,501			105,349			87,933			83,061			56,569			14,142			14,142			56,569			56,569			14,142			14,142
Total fixed charges			213,337			234,435			235,551			217,771			192,420			44,656			43,621			198,085			195,253			45,037			44,329
Capitalized interest			1,392			1,928			1,365			1,815			1,168			357			—			1,168			1,168			—			—
Fixed charges (excluding capitalized interest)		$	211,945		$	232,507		$	234,186		$	215,956		$	191,252		$	44,299		$	43,621		$	196,917		$	194,085		$	45,037		$	44,329
Earnings before fixed charges (excluding capitalized interest) and income taxes		$	275,612		$	275,870		$	271,264		$	212,150		$	232,474		$	31,030		$	25,351		$	232,474		$	232,474		$	25,351		$	25,351
Ratio of earnings to fixed charges			1.3	x		1.2	x		1.2	x		1.0	x		1.2	x		0.7	x		0.6	x		1.2	x		1.2	x		0.6	x		0.6	x
Deficiency in earnings to cover fixed charges			—			—			—			—			—		$	(13,269	)	$	(18,270	)		—			—		$	(19,686	)	$	(18,978	)
E B I T D A *		$	278,110		$	285,621		$	291,710		$	248,279		$	288,214		$	41,614		$	40,127		$	288,214		$	288,214		$	40,127		$	41,614
Ratio of EBITDA to cash interest expense			2.5	x		2.5	x		2.1	x		1.9	x		2.5	x		1.5	x		1.2	x		2.4	x		2.4	x		1.2	x		1.2	x

*

Earnings from operations plus depreciation and amortization

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SEA CONTAINERS LTD. COMPUTATION OF RATIOS