Long-Term Debt	6 Months Ended
Jun. 30, 2011
Long-Term Debt	Note 4. Long-Term Debt During the second quarter of 2011, we entered into a credit agreement for the financing of the first of a new generation of Royal Caribbean International cruise ships (“Project Sunshine”), which is scheduled for delivery in the third quarter of 2014. The credit agreement makes available to us an unsecured term loan in an amount up to the US Dollar equivalent corresponding to approximately €595.0 million, with funding of 50% of the facility subject to syndication prior to delivery. Euler Hermes Kreditversicherungs AG, the official export credit agency of Germany (“Hermes”), has agreed to guarantee to the lender payment of 95% of the financing. The loan amortizes semi-annually and will mature 12 years following delivery of the ship. Interest on the loan will accrue at our election at either a fixed rate of 4.76% or a floating rate at LIBOR plus a margin of 1.30%. Certain of our unsecured term loans are guaranteed by the export credit agency in the respective country in which the ship is constructed. These fees are payable either up-front or over the term of the loan. In consideration for these guarantees, we pay to the applicable export credit agency fees that range from 1.13% to 1.96% per annum based on the outstanding loan balance (subject to adjustment in certain of our facilities based upon our credit ratings) over the term of the loan or approximately 2.3% to 2.37% of the maximum loan amount payable up-front depending on the financing arrangement. During the second quarter of 2011, we identified an error in the manner in which we were amortizing fees related to three outstanding export credit agency guaranteed loans, and to a much lesser extent, fees associated with our revolving credit facilities. See Note 1. General – Revision of Prior Period Financial Statements for further details.

Note 4. Long-Term Debt

During the second quarter of 2011, we entered into a credit agreement for the financing of the first of a new generation of Royal Caribbean International cruise ships (“Project Sunshine”), which is scheduled for delivery in the third quarter of 2014. The credit agreement makes available to us an unsecured term loan in an amount up to the US Dollar equivalent corresponding to approximately €595.0 million, with funding of 50% of the facility subject to syndication prior to delivery. Euler Hermes Kreditversicherungs AG, the official export credit agency of Germany (“Hermes”), has agreed to guarantee to the lender payment of 95% of the financing. The loan amortizes semi-annually and will mature 12 years following delivery of the ship. Interest on the loan will accrue at our election at either a fixed rate of 4.76% or a floating rate at LIBOR plus a margin of 1.30%.

Certain of our unsecured term loans are guaranteed by the export credit agency in the respective country in which the ship is constructed. These fees are payable either up-front or over the term of the loan. In consideration for these guarantees, we pay to the applicable export credit agency fees that range from 1.13% to 1.96% per annum based on the outstanding loan balance (subject to adjustment in certain of our facilities based upon our credit ratings) over the term of the loan or approximately 2.3% to 2.37% of the maximum loan amount payable up-front depending on the financing arrangement. During the second quarter of 2011, we identified an error in the manner in which we were amortizing fees related to three outstanding export credit agency guaranteed loans, and to a much lesser extent, fees associated with our revolving credit facilities. See Note 1. General – Revision of Prior Period Financial Statements for further details.