Exhibit 10.32

ROYAL CARIBBEAN CRUISES LTD.

CURRENT BOARD OF DIRECTOR COMPENSATION SCHEDULE

Cash Compensation Annual

Annual Retainer $ 50,000

Audit Committee Chairman Retainer $ 30,000

Audit Committee Member Retainer $ 15,000

Compensation Committee Chairman Retainer $ 15,000

Committee Chairman Retainer (All Other Committees) $ 6,000

Committee Member Retainer (All Other Committees) $ 5,000

Board Per Meeting Fees $ 1,200

Committee Per Meeting Fees (All Committees) $ 1,200

Annual Total Cash Compensation Cap $100,000

At the discretion of the Board, each non-employee director is eligible to receive an annual grant of equity awards with an aggregate value on the date of grant equal to $90,000. Sixty-seven percent of this annual grant is awarded in the form of restricted stock units and thirty-three percent is awarded in the form of options to purchase the Company's common stock.

The Company provides Board members with one passenger cabin, upon request, on a complimentary basis. Immediate family traveling with Board members will also receive a “family rate” of $40 per person per day. Non-family guests of Board members may purchase the cabin of their choice at a 25% reduction of the “lowest available fare” at time of booking.