Exhibit 12.1

Royal Caribbean Cruises Ltd.

Ratio of Earnings to Fixed Charges

(in thousands, except ratios)

	Years Ended December 31,
	2008			2007			2006			2005			2004
Earnings
Income before cumulative effect of a change in accounting principle	$	573,722		$	603,405		$	633,922		$	663,465		$	474,691
Income tax expense		2,617			2,524			7,881			16,124			2,810
(Income) loss from equity investees		(4,042	)		(7,837	)		(4,417	)		(6,661	)		(1,912	)
Fixed charges		392,596			394,503			327,263			310,442			343,272
Capitalized interest		(44,341	)		(39,939	)		(27,844	)		(17,688	)		(7,228	)
Earnings	$	920,552		$	952,656		$	936,805		$	965,682		$	811,633
Fixed Charges
Interest expense (1)	$	371,654		$	373,723		$	295,705		$	287,438		$	317,205
Interest portion of rent expense (2)		20,942			20,780			31,558			23,004			26,067
Fixed charges	$	392,596		$	394,503		$	327,263		$	310,442		$	343,272
Ratio of Earnings to Fixed Charges		2.3x			2.4x			2.9x			3.1x			2.4x

(1) Interest expense includes capitalized interest and amortization of deferred financing expenses.

(2) Interest portion of rent expense represents actual interest charges for the Brilliance of the Seas operating lease and, for all other rentals, we have assumed that one-third of rent expense is representative of the interest factor.