Exhibit 12.1

Ratio of Earnings to Fixed Charges

		Year ended December 31,															Nine months ended September 30,
		2004			2005			2006			2007			2008(1)			2008			2009
Earnings
	Net income after non-controlling interest	$	691,731		$	566,616		$	302,824		$	63,543		$	(469,455	)	$	181,418		$	98,616
	Add: income tax expense (recovery)		33,464			(2,787	)		8,811			(3,192	)		(56,176	)		(35,022	)		12,174
	Add: non-controlling interest expense (recovery)		2,268			13,475			6,759			8,903			9,561			51,587			33,902
	Add: loss (income) from equity investees		(13,082	)		(11,897	)		(6,099	)		12,404			36,085			10,780			(29,857	)
	Add: fixed charges		231,904			196,730			148,228			496,456			1,070,222			276,867			152,970
	Add: amortization of capitalized interest		1,723			1,370			1,429			2,028			2,692			1,970			2,650
	Add: dividends from equity investees		12,576			9,227			6,585			661			1,690			347			2,943
	Less: interest capitalized		(9,875	)		(16,638	)		(15,887	)		(34,996	)		(32,479	)		(29,754	)		(12,778	)
	Earnings	$	950,709		$	756,096		$	452,650		$	545,807		$	562,140		$	458,193		$	260,620
Fixed Charges
	Interest expensed	$	180,778		$	142,048		$	100,089		$	422,433		$	994,966		$	215,139		$	111,505
	Interest capitalized		9,875			16,638			15,887			34,996			32,479			29,754			12,778
	Estimated interest expense in time charter hire expense		41,251			38,044			32,252			39,027			42,777			31,974			28,687
	Fixed Charges	$	231,904		$	196,730		$	148,228		$	496,456		$	1,070,222		$	276,867		$	152,970
Ratios			4.1	x		3.8	x		3.1	x		1.1	x		<1.0	x		1.7	x		1.7	x

(1) For the year ended December 31, 2008, the ratio of earnings to fixed charges was less than 1.0x. The amount of the deficiency was $508.1 million.