<SEC-DOCUMENT>0001104659-21-144500.txt : 20220315
<SEC-HEADER>0001104659-21-144500.hdr.sgml : 20220315
<ACCEPTANCE-DATETIME>20211129165309
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER: 0001104659-21-144500
CONFORMED SUBMISSION TYPE: CORRESP
PUBLIC DOCUMENT COUNT: 2
FILED AS OF DATE: 20211129
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: ROYAL CARIBBEAN CRUISES LTD
CENTRAL INDEX KEY: 0000884887
STANDARD INDUSTRIAL CLASSIFICATION: WATER TRANSPORTATION [4400]
IRS NUMBER: 980081645
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: CORRESP
BUSINESS ADDRESS:
STREET 1: 1050 CARIBBEAN WAY
CITY: MIAMI
STATE: FL
ZIP: 33132
BUSINESS PHONE: 3055396000
MAIL ADDRESS:
STREET 1: 1050 CARIBBEAN WAY
CITY: MIAMI
STATE: FL
ZIP: 33132
FORMER COMPANY:
FORMER CONFORMED NAME: RA HOLDINGS INC
DATE OF NAME CHANGE: 19920424
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">
<P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in; text-align: justify"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 44.15pt"><FONT STYLE="text-decoration: none"> </FONT></P>
<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2134046d1_correspimg001.jpg" ALT=""> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">November 29, 2021</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Brad Skinner</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Energy & Transportation</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, N.E.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, DC 20549-3561</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">RE:</TD><TD STYLE="text-align: justify">Royal Caribbean Cruises Ltd.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Form 10-K for Fiscal Year Ended December 31, 2020</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Response Dated October 14, 2021</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">File No. 001-11884</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Mr. Skinner:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This letter sets forth the responses of Royal Caribbean
Cruises Ltd. (the “Company”) to the comments of the staff (the “Staff”) of the Division of Corporation Finance
of the U.S. Securities and Exchange Commission (the “Commission” or “SEC”) in your letter dated October 28, 2021,
in relation to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 (the “Form 10-K”).</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For your convenience, we have copied below in bold
type each of the Staff’s comments, which are followed in each case by the Company’s response.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Form 10-K for the Year Ended December 31, 2020</U></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>General</U></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B>Please provide us with additional detail supporting the statement made in response to comment 2 that the incurred and projected
capital expenditures related specifically to climate-related projects have not been material to the periods reported therein or future
periods, including quantitative information. As part of your response, include detail regarding climate-related projects other than those
related to your advanced emissions purification systems for which you incurred or will incur material capital expenditures.</B></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"> </P>
<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">1050 Caribbean Way, Miami, Florida 33132-2028 | 305 539 6000 | royalcaribbeangroup.com</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>
<!-- Field: Page; Sequence: 1 -->
<DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"> </P></DIV>
<DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"> </P></DIV>
<!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><U>Response</U>:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.3pt">We reduce our carbon footprint primarily through
energy and carbon efficiencies included in the design of our new vessels, our ongoing fleet energy management program and the development
of new technologies.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.3pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.3pt">In responding to comment 2 in our letter dated
October 14, 2021, we considered our advanced emissions purifications systems (“AEP”) as well as other projects that address
climate-related matters and carbon reduction opportunities. Below is the capital cost, consisting of equipment and installation costs,
of climate-related projects related to our existing fleet that we considered and concluded to be immaterial for disclosure for each of
the periods presented in our Form 10-K for the year ended December 31, 2020:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.3pt"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 10pt">(In thousands)</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><B> </B></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><B>2018</B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><B> </B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><B> </B></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><B>2019</B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><B> </B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><B> </B></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><B>2020</B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><B> </B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="width: 61%; font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Advanced emissions purification systems - retrofits</TD><TD STYLE="width: 1%; font-size: 10pt"> </TD>
<TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">53,851</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> </TD><TD STYLE="width: 1%; font-size: 10pt"> </TD>
<TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">62,739</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> </TD><TD STYLE="width: 1%; font-size: 10pt"> </TD>
<TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">33,178</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Other climate-related projects</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">24,880</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">34,386</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">8,507</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Climate-related projects capital expenditures</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">78,731</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">97,125</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">41,685</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Percentage of Purchases of property and equipment</TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right">2.2</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right">3.2</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right">2.1</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.3pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.3pt">Our other climate-related projects noted above
are categorized into the following five disciplines. Capital expenditures for each discipline for the periods presented in our Form 10-K
for the year ended December 31, 2020 are as follows:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.3pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.3pt"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 10pt">(In thousands)</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"> </TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><B>2018</B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"> </TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"> </TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><B>2019</B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"> </TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"> </TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><B>2020</B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="width: 61%; font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">HVAC</TD><TD STYLE="width: 1%; font-size: 10pt"> </TD>
<TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">13,965</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> </TD><TD STYLE="width: 1%; font-size: 10pt"> </TD>
<TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">19,149</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> </TD><TD STYLE="width: 1%; font-size: 10pt"> </TD>
<TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">3,839</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Machinery</TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right">5,651</TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right">12,952</TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right">3,931</TD><TD STYLE="font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Hydrodynamics</TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right">1,990</TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right">764</TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right">166</TD><TD STYLE="font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Operational Excellence</TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right">1,327</TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right">730</TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right">520</TD><TD STYLE="font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Electrical</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,947</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">791</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">51</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt"> </TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">24,880</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">34,386</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">8,507</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.3pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each discipline is defined as follows:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">·</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> HVAC - Equipment related to heating, ventilation and air conditioning needs for galleys, accommodation, public spaces, and provisioning
rooms refrigeration. Includes upgrades of AC chillers, compressors and fan coils.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">·</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> Machinery - Related to main and auxiliary heavy marine equipment. Includes upgrades of engine, steam turbine generator, reverse osmosis,
pumps, boilers and other heat exchangers.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">·</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> Hydrodynamics - Entails improving propulsion performance and reducing the resistance through the water with more efficient design of air
lubrication system, propeller blades, Azipod fins, bow thruster grids and underwater hull coatings.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>
<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
<DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></FONT></P></DIV>
<DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"> </P></DIV>
<!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">·</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> Operational Excellence - Entails data management improvements and the development of real time and predictive digital tools to benchmark
speed, route, engine, trim and hotel energy performance.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">·</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> Electrical – Includes variable frequency drives for machinery and HVAC equipment and lighting upgrades in technical and public space
areas including LED bulbs, smart dimmers and sensors.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.3pt">AEP and other climate-related projects have become
standard features of our new vessels and are part of each new vessel’s aggregate cost. While our costs for these features are not
generally disaggregated by the builder from each new vessel’s contractual cost, we are able to arrive at a reasonable estimate of
disaggregated AEP costs based on our experience installing the equipment on our existing vessels. The estimate of our disaggregated AEP
costs in our new vessels is approximately a third of our cost of installing AEP on our existing vessels as no incremental retrofit expenses
are required for the new vessels. The estimated disaggregated AEP cost for new vessels delivered in 2018, 2019 and 2020 represented 0.7%,
0.6% and 1.3%, respectively, of the total capital expenditures reported in the same periods, which we concluded to be immaterial for disclosure
in our Form 10-K for the year ended December 31, 2020. Whereas the AEP project involves the installation of incremental equipment to our
new vessels, our other climate-related projects generally involve equipment that has always been required to operate our vessels but have
evolved to address climate-related matters. This makes the determination of a reasonable estimate of the incremental climate-related cost,
if any, of such equipment not feasible. However, similar to the installation cost of AEP, the cost of other climate-related projects for
our new vessels is further reduced as no retrofit expenses are required on new vessels as compared to our existing vessels. As a result,
we believe the incremental cost, if any, of the other climate-related projects on our new vessels is significantly less than those costs
listed above for the retrofitting of our existing vessels. Therefore, we determined the costs of AEP and other climate-related projects
related to our new vessels to be immaterial for the periods presented in our Form 10-K for the year ended 2020.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.3pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.3pt">At the time of filing our Form 10-K, the ratio
of our projected capital expenditures for remaining AEP retrofits and other climate related projects for our existing vessels to projected
total capital expenditures was consistent with the historical ratio ranges noted above. Additionally, the ratio of estimated disaggregated
costs for AEP for our vessels on order to expected total capital expenditures for new vessels on order were 0.3%. We concluded that these
amounts were immaterial for disclosure in our Form 10-K for the year ended December 31, 2020. As noted in our response letter dated October
14, 2021, the expected capital expenditures related to our new vessels on order can be found in the Future Capital Commitments disclosures
in Item 1 of our Form 10-K. We will continue to monitor these projected expenditures and enhance our disclosure in future filings to the
extent appropriate.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.3pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.3pt"></P>
<!-- Field: Page; Sequence: 3; Value: 2 -->
<DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></FONT></P></DIV>
<DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"> </P></DIV>
<!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.3pt"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><B>We note from your response to comment 4 that you did not experience any weather-related impacts on the cost or availability of
insurance that were material for the periods presented. Provide us with additional detail to support this statement, including quantification.</B></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><U>Response</U>:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">Our property insurance policy coverage period
is June 1 to May 31, and the associated premiums for each of the last three policy years ended May 31, 2021 were less than $10 million
and less than 1% of our marketing, selling and general expenses (where the insurance premium amortization expenses are recorded) and net
income (loss) for the periods presented in our Form 10-K for the year ended December 31, 2020. For these coverage periods, we did experience
increases in property insurance premiums, and insurance carriers cited a number of reasons for the increases including a rise in natural
disasters and other weather-related events. For the same coverage periods, we did not experience any difficulty, weather-related or not,
in obtaining our property insurance. We believe the property insurance policy premiums of less than $10 million for each coverage period,
as well as any weather-related impacts on the cost or availability of our property insurance, to be immaterial to the periods presented
in our Form 10-K for the year ended December 31, 2020. We will continue to monitor and revise future filings as appropriate to the extent
such costs become material.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD><B>In response to prior comment 5, you state that you have not experienced, nor do you have any ongoing, climate change related litigation
that has resulted or is expected to result in a material impact to you. Please provide us with additional support for this statement and
tell us how you considered providing disclosure addressing the risks associated with the possibility of climate change related litigation
and its potential impact.</B></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><U>Response:</U></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">We did not experience any litigation that we reasonably
would consider related to climate change during the periods reported in our Form 10-K for the year ended December 31, 2020. Primarily
for this reason, we have not viewed the possibility of such litigation and its potential impact on our business as representing a significant
or material factor that could cause an investment in our securities to be speculative or risky. Thus, although our Form 10-K and subsequent
Forms 10-Q include disclosure concerning litigation risks in general and in relation to specific types of matters, we have not provided
disclosure specifically addressing risks associated with the possibility of climate change related litigation and its potential impact.
We will continue to monitor developments in this area, however, and enhance our risk factors disclosure in future filings to the extent
appropriate.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt"></P>
<!-- Field: Page; Sequence: 4; Value: 2 -->
<DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></FONT></P></DIV>
<DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"> </P></DIV>
<!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>4.</B></TD><TD><B>Your response to prior comment 6 indicates the cost to comply with applicable environmental regulations has not had a material
impact on your results of operation. Tell us about the compliance costs you have incurred and explain how you concluded the related amounts
were not material.</B></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><U>Response</U>:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">Our environmental regulations disclosure indicated
that compliance with the following regulations did not materially impact our operations, costs and/or results:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">·</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
MARPOL global ship sulfur emission limitation to 0.5%;</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">·</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
MARPOL Emission Control Areas (“ECA”) ship sulfur emission limitations to 0.1%;</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">·</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
North American and U.S. Caribbean Sea ECA nitrogen oxide emission limits;</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">·</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
International Maritime Organization’s (“IMO”) Ballast Water Management Convention discharge standards; and </FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">·</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
European Union and IMO requirements to monitor and report ship annual carbon dioxide emissions.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>MARPOL global ship sulfur emission limitation to 0.5% and ECA sulfur
emission limitations to 0.1%</I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt">We incurred an increase in fuel expense for the
portion of our fleet that had not been equipped with AEP when complying with MARPOL regulations that imposed special ECAs restricting
ship sulfur emissions to 0.1% and, as of January 1, 2020, restricted global sulfur emissions to 0.5%. The higher fuel expense resulted
from the incremental cost of compliant fuel. We concluded that the compliance cost was not material based on its incremental impact to
our total cruise operating expenses or net income (loss) for the periods presented in our Form 10-K for the year ended December 31, 2020.
Below is the incremental fuel expense as a percentage of total cruise operating expenses and of net income (loss) for each of the periods
presented in our Form 10-K for the year ended December 31, 2020:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 10pt">(In thousands)</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><B> </B></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><B>2018</B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><B> </B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><B> </B></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><B>2019</B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><B> </B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><B> </B></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><B>2020</B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><B> </B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="width: 61%; font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Incremental Fuel expense</TD><TD STYLE="width: 1%; font-size: 10pt"> </TD>
<TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">50,396</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> </TD><TD STYLE="width: 1%; font-size: 10pt"> </TD>
<TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">62,016</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> </TD><TD STYLE="width: 1%; font-size: 10pt"> </TD>
<TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">67,257</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Percentage of Total cruise operating expenses</TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right">1.0</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right">1.0</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right">2.4</TD><TD STYLE="font-size: 10pt; text-align: left">% *</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Percentage of Net income (loss)</TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right">2.8</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right">3.3</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right">1.2</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">* The increase in the 2020 ratio of
Incremental Fuel expense to Total cruise operating expenses is primarily attributed to a shorter sailing period in 2020 due to
COVID-19 where the itineraries requiring the use of compliant fuel were proportionally more significant to Total cruise operating
expenses than they would have been in a full operating year. Additionally, the reduced global IMO limitation of sulfur to 0.5% as of
January 1, 2020 broadly increased our full year 2020 fuel cost for the portion of our fleet that had not been equipped with advanced
emissions purification systems.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.35pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -4.5pt"></P>
<!-- Field: Page; Sequence: 5; Value: 2 -->
<DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></FONT></P></DIV>
<DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"> </P></DIV>
<!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -4.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>North American and U.S. Caribbean Sea ECA nitrogen oxide emission
limits</I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">In certain ECAs, more stringent nitrogen oxide
emission limits were imposed on all new vessels that began construction on or after January 1, 2016. The regulation did not require
compliance for vessels that began construction prior to January 1, 2016, resulting in no compliance costs for those vessels. Our
compliance with the regulation led to the installation of additional engine equipment for all new vessels starting with Celebrity
Edge which was delivered in 2018. The additional equipment has become a standard feature of our new vessels and is part of each new
vessel’s aggregate cost. Our cost for this equipment is not generally disaggregated by the builders from each new
vessel’s aggregate contractual cost; however, we are able to arrive at a reasonable estimate of the itemized cost. The
estimated disaggregated costs for the additional equipment addressing nitrogen oxide emission regulations for new vessels delivered
in 2018, 2019 and 2020 represented 0.2%, 0.2% and 0.5%, respectively, of the total capital expenditures reported in the same
periods. Estimated disaggregated costs for additional equipment addressing nitrogen oxide emission regulations to expected total
capital expenditures for new vessels on order were 0.3%. We concluded that these amounts were immaterial for disclosure in our Form
10-K for the year ended December 31, 2020. As noted in our response letter dated October 14, 2021, the expected capital expenditures
related to our new vessels on order can be found in the Future Capital Commitments disclosures in Item 1 of our Form 10-K.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">The cost of consumable fluids used in the additional
engine equipment during the three periods presented in our Form 10-K for the year ended December 31, 2020 was approximately $350,000 in
the aggregate. We do not expect the projected cost of the consumable fluids to be material to our results of operations in future years.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>IMO Ballast Water Management Convention discharge standards</I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Our compliance with ballast water regulations also
resulted in the installation of related equipment to our fleet. The equipment was included in all new vessels starting with Quantum of
the Seas which was delivered in 2014. The additional equipment has become a standard feature of our new vessels and is part of each new
vessel’s aggregate cost. Our cost for this equipment is not generally disaggregated by the builders from each new vessel’s
contractual cost; however, we are able to arrive at a reasonable estimate of the itemized cost based on our experience installing the
equipment on our existing ships. The estimate of our new vessel cost for the equipment is approximately 40% of our cost of installing
the equipment on our existing ships as no incremental retrofit expenses are required for the new vessels. Our remaining fleet has been
retrofitted to include ballast water equipment for compliance, and the related installed equipment cost, approximately $530,000 per ship,
was not material individually or in the aggregate to our capital expenditures for the periods presented in our Form 10-K for the year
ended 2020. Below is the cost to retrofit our vessels as a percentage of total capital expenditures for each of the periods presented
in our Form 10-K for the year ended December 31, 2020:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 10pt">(In thousands)</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><B> </B></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><B>2018</B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><B> </B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><B> </B></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><B>2019</B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><B> </B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><B> </B></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><B>2020</B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><B> </B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="width: 61%; font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Ballast water retrofit capital expenditures</TD><TD STYLE="width: 1%; font-size: 10pt"> </TD>
<TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1,371</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> </TD><TD STYLE="width: 1%; font-size: 10pt"> </TD>
<TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">3,853</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> </TD><TD STYLE="width: 1%; font-size: 10pt"> </TD>
<TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">872</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Percentage of Purchases of property and equipment</TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right">0.04</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right">0.13</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right">0.04</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.5pt">The estimated disaggregated costs for the
additional equipment addressing ballast water regulations for new vessels delivered in 2018, 2019 and 2020 represented 0.03%, 0.01%
and 0.02%, respectively, of the total capital expenditures reported in the same periods. Estimated disaggregated costs for
additional equipment addressing ballast water regulations to total expected total capital expenditures for new vessels on order were
0.02%. We concluded that these amounts were not immaterial for disclosure in our Form 10-K for the year ended December 31, 2020. As
noted in our response letter dated October 14, 2021, the expected capital expenditures related to our new vessels on order can be
found in the Future Capital Commitments disclosures in Item 1 of our Form 10-K.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<!-- Field: Page; Sequence: 6; Value: 2 -->
<DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></FONT></P></DIV>
<DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"> </P></DIV>
<!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>European Union and IMO requirements to monitor and report ship annual
carbon dioxide emissions</I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.7pt">Compliance with EU and IMO carbon dioxide emission
monitoring and reporting regulations resulted in the development of a fuel reporting database for the fleet. The cost to develop the database
was approximately $75,000 in 2017. Additionally, we incur approximately $5,000 of annual reporting approval and verification costs per
vessel. We concluded that these costs were not material for the periods presented in our Form 10-K for the year ended December 31, 2020.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.7pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.7pt">We will continue to monitor and revise future
filings as appropriate to the extent that our costs to comply with applicable environmental regulations become material.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </P>
<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">*****************************</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you have any questions, please feel free to contact me at (305)
539-6174.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt"> </FONT></TD>
<TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
<TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"> </FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"> </FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
<TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Jason T. Liberty</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
<TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"> </FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"> </FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
<TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"> </FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Jason T. Liberty</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
<TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"> </FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">cc: Diane Fritz, U.S. Securities and Exchange Commission</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<!-- Field: Page; Sequence: 7; Options: Last -->
<DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></FONT></P></DIV>
<!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>tm2134046d1_correspimg001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2134046d1_correspimg001.jpg
M_]C_X 02D9)1@ ! 0$ 8 !@ #_VP!# @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P 1" !L 2D# 2( A$! Q$!_\0
M'P 04! 0$! 0$ $" P0%!@<("0H+_\0 M1 @$# P($ P4%
M! 0 %] 0(# 01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$ P$! 0$!
M 0$! 0 $" P0%!@<("0H+_\0 M1$ @$"! 0#! <%! 0 0)W $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,! (1 Q$ /P#W^BBB@ HH
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M04C,9 V$="I_R:\6\CP]J'C4VZ"ZMM+EEV($7+;NG QD*3]2/Y>H?\)#K_\
MT*-S_P"!<=9D9NH]:?5T\#2B]<8,GVI.O<@=,GUK@RZ=3"NK)[R3M:<=_.[W
M\_734VK)5.5+IY,F\2Z/IGAWP)J2Z?:1PEHU0OC+MEE'+'D]:\7KU'QSKFJW
M'AI[>\T&6QBEE0>:\ZN,@YQ@?2O+J]_(:=2.'E*J[R<GK>_1=4V<>+<7-*.R
M1]"? CQ-)J&B76@W+EI+ B2 D\F)B<C\&_\ 0AZ5Z[7R[\&+Y[/XEV,2MM2Z
MBEA?W&PL!^:"OJ*N',Z2IXAVZZET97@%%%%>>:A1110 4444 %%%% !1110
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M(****@84444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
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M68,2P4 L<8SC%7/$C^+/#O@N[U/_ (2*VN+NTWSN6TY55U.T! W&#GDY)S[
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M*!(HD"(B]%4# _"KJ-T\/&#WEK\NWWZB6LV^QXUI>FZ=I^LZV?&/A;5-6UB
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M=I^JPW,\CV;*[;3G"(>3@!LG@9(&:G\<W]U>^*OA[J&FV<C3NUS/';7 \MV
M6-BAS]UB 1SWQFO5:\'\?ZQJR_$'SH]1E1M*D/V(".,B'>B[NJG=G'\6:ZL+
M)59*,8VY4^KZ_P#!(FN57?4Z_P 5^(KWQ5H,_AW1?#^L+?7P$,CWEHT,5LI/
MS%V/'0'&,_T.;_PHK3O^@@W_ '[_ /KUZGI\CS:;:RR-ND>%&9L 9) R>*L5
1SK%SI+DI>ZOO*]FI:RU/_]D!
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>