MIAMI, April 23 -- Royal Caribbean Cruises Ltd. (NYSE: RCL)
today reported improved earnings from normal operations for the first quarter
of 1996 compared to prior year results. The improvement was primarily due to
increased capacity and higher occupancy levels throughout Royal Caribbean's
fleet.

Revenues increased 16.1 percent to $317.6 million in the first quarter of
1996 from $273.6 million in the first quarter of 1995 as a result of an
increase in capacity and higher yields associated with higher occupancy
levels. In the first quarter, actual passenger cruise days increased by 19.0
percent. This resulted in an increase in occupancy levels to 101.6 percent in
1996 from 97.1 percent in 1995. There was also an increase in available
passenger cruise days of 13.7 percent primarily due to the commencement of
operations of the 1,800- passenger Legend of the Seas in the second quarter of
1995. Revenues per available berth ("yield") improved over the first quarter
of 1995 due to higher occupancy levels. First quarter operating income
improved 16.1 percent to $49.2 million in 1996 as compared to $42.4 million in
1995.

Net income is $32.8 million or $.52 per share for the quarter ended March
31, 1996. Included in the results is a special one-time charge of $2.0 million
or $.03 per share for expenses incurred in evaluating a potential transaction
between Royal Caribbean and Costa Crociere S.p.A.

Earnings for the quarter ended March 31, 1995, before a gain of $19.2
million or $.30 per share on the sale of Nordic Prince, were $32.2 million or
$.51 per share. Accordingly, on a comparable basis before the special
one-time charge and the gain discussed above, first quarter earnings rose 8.1
percent to $34.8 million or $.55 per share in 1996, from $32.2 million or $.51
per share in 1995.

"We are pleased with our first quarter results, which show improved revenue
yields concurrently with a significant increase in our fleet capacity. Our
profits reflect Royal Caribbean's strong brand recognition, our new ship
expansion program and the underlying strength of the cruise industry," said
Richard D. Fain, Royal Caribbean's Chairman and Chief Executive Officer. "The
March introduction of the 1,800-passenger Splendour of the Seas in Europe was
well-received, and we very much look forward to the delivery of the remaining
four ships in our Vision-class vessels through 1998."

Separately, the Company also announced that it filed a new $325 million
shelf registration statement with the Securities and Exchange Commission. This
filing amends its existing shelf registration which currently has $75 million
available for financing. The amended filing brings the new total up to $400
million. The shelf provides the Company the opportunity from time to time to
access public capital markets, including both debt and equity, for its future
financing needs. Any proposed offering will be made only by means of a
prospectus. This news release does not constitute a prospectus.

Royal Caribbean is one of the world's largest cruise lines and operates ten
modern ships with a total capacity of 16,800 passengers. Between 1996 and
1998, Royal Caribbean plans to introduce four more new ships with a total
additional capacity of 7,900 passengers. The 1,950- passenger Grandeur of the
Seas begins service this December. Two ships will follow in 1997 (the
2,000-passenger Rhapsody of the Seas in April 1997 and the 1,950-passenger
Enchantment of the Seas in September 1997) and one ship in 1998 (the
2,000-passenger Vision of the Seas in April 1998). The award-winning vessels
of the fleet offer guests more than 50 different itineraries and 130
destinations in the Caribbean, Mexico, Bahamas, Alaska, Panama Canal, Bermuda,
Europe, the Far East, Russia and Hawaii.

ROYAL CARIBBEAN CRUISES LTD.

SUMMARY FINANCIAL DATA

FIRST QUARTER

1996 1995

Revenues (000s) $317,583 $ 273,622

Operating Income (000s) $ 49,187 $ 42,355

Net Income (000s) $ 32,755 $ 51,350

Net Earnings Per Share $ .52 $ .81

STATISTICS

Weighted Average

Shares Outstanding 63,567,404 63,488,566

Occupancy As A Percentage

Of Total Capacity 101.6 97.1

Passenger Cruise Days 1,398,092 1,175,255