EXHIBIT 12

SEA CONTAINERS LTD.

COMPUTATION OF RATIOS OF

EARNINGS TO FIXED CHARGES

	Year ended December 31,															Nine months ended September 30,
	1998			1999			2000			2001			2002			2003
	(in thousands, except ratios)
Earnings before minority interests and income taxes	$	63,634		$	66,654		$	59,146		$	22,656		$	59,834			$	107,586
Equity in undistributed earnings of unconsolidated companies	33			(23,804		)	(22,653		)	(26,565		)	(18,698		)		(23,012		)
Add back dividends received	—			513			585			103			86				—
Total earnings (loss) before income taxes	$	63,667		$	43,363		$	37,078		$	(3,806	)	$	41,222			$	84,574
Fixed charges:
Interest	$	120,879		$	124,043		$	141,959		$	128,923		$	130,831			$	78,880
Amortization of finance costs	4,957			5,043			5,659			5,787			5,020				3,063
Total interest	125,836			129,086			147,618			134,710			135,851				81,943
Interest factor of rent expense	87,501			105,349			87,933			83,061			56,569				42,217
Total fixed charges	213,337			234,435			235,551			217,771			192,420				124,160
Capitalized interest	(1,392		)	(1,928		)	(1,365		)	(1,815		)	(1,168		)		—
Fixed charges (excluding capitalized interest)	$	211,945		$	232,507		$	234,186		$	215,956		$	191,252			$	124,160
Earnings before fixed charges (excluding capitalized interest) and income taxes	$	275,612		$	275,870		$	271,264		$	212,150		$	232,474			$	208,734
Ratio of earnings to fixed charges	1.3		x	1.2		x	1.2		x	1.0		x	1.2		x		1.7		x