MIAMI, Jan. 30 -- Royal Caribbean Cruises Ltd. (NYSE: RCL)
today reported net income of $150.9 million or $2.37 per share for the year
ended December 31, 1996, compared to $149.0 million or $2.35 per share in
1995. Operating income for 1996 was up 18 percent to $217.0 million compared
to $183.9 million in 1995.

Revenues increased 14.6 percent in 1996 to $1.36 billion compared to $1.18
billion in 1995 as a result of a 15.0 percent increase in capacity primarily
due to the addition of Legend of the Seas in the second quarter of 1995 and
Splendour of the Seas in the second quarter of 1996.

The 1996 results include a gain of $10.3 million from the sale of Song of
Norway in the fourth quarter and a charge of $2.0 million for expenses
incurred in evaluating a potential transaction. Net income in 1995 included a
gain of $19.2 million from the sale of Nordic Prince. Accordingly, on a
comparable basis before the charge and the gain on the sale of the ships,
earnings increased 10 percent to $142.6 million or $2.24 per share in 1996,
from $129.8 million or $2.05 per share in 1995.

Net income for the fourth quarter of 1996 was $26.7 million or $.42 per
share as compared to $16.4 million or $.26 per share for the same period in
1995. Included in net income in 1996 is the gain of $10.3 million or $.16 per
share from the sale of Song of Norway. Revenues for the fourth quarter of
1996 increased to $318.5 million from $289.8 million for the fourth quarter of
1995. Operating income was $35.6 million in the fourth quarter of 1996 as
compared to $30.9 million for the same period in 1995.

"I am very pleased with the results achieved during 1996, particularly in
light of the softer market conditions we encountered during the second half of
the year, especially in the fourth quarter," said Richard D. Fain, Royal
Caribbean's chairman and chief executive officer. "The strategic decision we
made in 1992/93 to build the Vision series of ships isnow paying handsome
dividends. We have taken delivery of three of the six Vision ships, with two
more scheduled for delivery in 1997 and the last one in 1998. We are
confident that our recent order for up to two 130,000 gross register ton
Project Eagle vessels will continue Royal Caribbean's dominant position in the
industry as we enter the 21st century."

Royal Caribbean is one of the world's largest cruise lines, operating 11
modern ships with a capacity of 18,774 berths. In 1997 and 1998, the company
will introduce the last three of its six Vision-class ships, adding new
capacity of 5,950 passengers. In 1999, Royal Caribbean will introduce the
first of its 3,100-passenger Eagle-class ships. This year, the award-winning
fleet offers passengers 54 different itineraries and 134 destinations and
attractions in Alaska, the Bahamas, Bermuda, the Caribbean, Europe, the Far
East, Hawaii, Mexico, Panama Canal, Russia and Scandinavia. For additional
information about Royal Caribbean, visit the line's Internet site on the World
Wide Web at <http://www.royalcaribbean.com>.

Statements in this news release relating to future marketplace conditions
are forward-looking statements. Such forward-looking statements are not
guarantees of future performance and involve known and unknown risks,
uncertainties and other factors, which may cause the actual results,
performances or achievements to differ materially from the future results,
performance or achievements expressed or implied in such forward-looking
statements. Such factors include general economic and business conditions,
changes in cruise industry competition, weather and other factors which are
described in further detail in Royal Caribbean's filings with the Securities
and Exchange Commission.

ROYAL CARIBBEAN REPORTS 1996 RESULTS

Summary Financial Data

Year Ended Three Months Ended

December 31, December 31,

1996 1995 1996 1995

(unaudited)

Revenues ($000's) $ 1,357,325 $ 1,183,952 $ 318,528 $ 289,806

Operating Income

($000's) $ 217,033 $ 183,933 $ 35,560 $ 30,891

Net Income ($000's) $ 150,866 $ 148,958 $ 26,731 $ 16,411

Earnings Per Share $ 2.37 $ 2.35 $ .42 $ .26

STATISTICS

Year Ended Three Months Ended

December 31, December 31,

1996 1995 1996 1995

Weighted Average

Shares Outstanding 63,647,490 63,517,643 63,711,658 63,542,874

Occupancy As A

Percentage of

Total Capacity 101.3% 100.5% 98.3% 98.7%

Passenger Cruise Days 6,055,068 5,224,655 1,514,736 1,339,766