MIAMI, Feb. 1 -- Royal Caribbean Cruises Ltd. (NYSE: RCL)
announced today a 91% increase in comparable earnings to $348.8 million or
$1.93 per share in 1998, on a diluted basis as compared to $182.7 million or
$1.20 per share in 1997. Net income for 1998 as reported, was $330.8 million,
which includes a $.05 per share charge related to the previously announced
plea agreement with the U.S. Department of Justice, and a $.05 per share
reduction in earnings related to the grounding of the Monarch of the Seas.
Net income for 1997 as reported, was $175.1 million which included an
extraordinary loss of $7.6 million or $.05 per share related to the early
extinguishment of debt.

Revenues increased 36.0% to $2.6 billion, as compared to $1.9 billion in
1997. The increase in revenues was due to a 31.2% increase in capacity and an
increase in revenue per available lower berth ("Yield"). The acquisition of
Celebrity Cruises accounted for approximately two-thirds of the capacity
increase, while additions to the Royal Caribbean International fleet comprised
the balance of the increase. The Yield improvement was a result of improved
cruise ticket pricing and higher occupancy levels, which were 105.2% in 1998
as compared to 104.2% in 1997.

On a comparable basis, earnings for the fourth quarter of 1998 increased to
$32.5 million or $.17 per share as compared to $22.4 million or $.12 per share
in 1997. Net income as reported, for the fourth quarter of 1998 was $23.4
million or $.12 per share which includes a $.05 per share reduction in
earnings related to the cancellation of two cruises on Monarch of the Seas.
Revenues for the fourth quarter of 1998 increased 8.8% to $575.1 million from
$528.4 million in 1997, as a result of a 6.6% increase in capacity and an
increase in Yield.

"Our 1998 performance was nothing short of spectacular, with both brands
achieving record results," said Richard D. Fain, Chairman and Chief Executive
Officer. "These results reflect the culmination of a seamless merger with
Celebrity Cruises, outstanding market conditions, the continued acceptance of
our two great brands by both consumers and the trade, significant margin
improvements realized by higher revenue yields, and continued progress in
reducing costs as a percentage of revenue. To achieve such a significant
increase in net income on only a 36% increase in revenue, not only underscores
the power of our brands, but the high degree of operating leverage we
capitalized on through our state-of-the-art yield management systems. As
always, we are extremely grateful to the over 20,000 employees, shipboard and
shoreside, who have worked tirelessly to provide such a wonderful experience
for our guests."

Royal Caribbean is a global Cruise Company operating two cruise brands,
Royal Caribbean International and Celebrity Cruises. The brands' combined
fleet consists of 17 vessels; three Eagle-class ships on order, the first of
which, Voyager of the Seas is scheduled for service in 1999, followed by two
sister vessels scheduled for delivery in 2000 and 2002; two Vantage-class
vessels scheduled for delivery in 2001 and 2002; and two Millennium-class
vessels scheduled for delivery in 2000 and 2001. The Company currently
operates cruises visiting Alaska, the Bahamas, Bermuda, Canada, the Caribbean,
Europe, Hawaii, Mexico, New England, the Panama Canal and Scandinavia. For
additional information about Royal Caribbean, visit the line's Internet site
on the World Wide Web at
http://www.royalcaribbean.com,
http://www.celebrity-
cruises.com or
http://www.rclinvestor.com.

Certain statements in this news release 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 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
described in further detail in Royal Caribbean's filings with the Securities
and Exchange Commission.

ROYAL CARIBBEAN CRUISES LTD.

Consolidated Statements of Operations

(unaudited, in thousands, except per share data)

(Unaudited)

Fourth Quarter Ended Year Ended

December 31, December 31,

1998 1997 1998 1997

Revenues $ 575,148 $ 528,408 $ 2,636,291 $ 1,939,007

Expenses

Operating 379,627 350,581 1,593,728 1,219,268

Marketing,

selling and

administrative 83,717 75,918 359,214 272,368

Depreciation

and amortization 47,655 43,299 194,614 143,816

510,999 469,798 2,147,556 1,635,452

Operating Income 64,149 58,610 488,735 303,555

Other Income (Expense)

Interest income 3,463 2,128 15,912 4,666

Interest expense,

net of capitalized

interest (39,489) (42,088) (167,869) (128,531)

Other income

(expense) (4,698) 3,704 (6,008) 2,995

(40,724) (36,256) (157,965) (120,870)

Income Before

Extraordinary

Item 23,425 22,354 330,770 182,685

Extraordinary Item -- -- -- (7,558)

Net Income $ 23,425 $ 22,354 $ 330,770 $ 175,127

Basic Earnings

per Share *

Income before

extraordinary item $ 0.12 $ 0.12 $ 1.90 $ 1.22

Extraordinary item -- -- -- (0.05)

Net income $ 0.12 $ 0.12 $ 1.90 $ 1.17

Diluted Earnings

Per Share *

Income before

extraordinary

item $ 0.12 $ 0.12 $ 1.83 $ 1.20

Extraordinary item -- -- -- (0.05)

Net income $ 0.12 $ 0.12 $ 1.83 $ 1.15

* Earnings per share is computed after giving effect to the two-for-one
stock split effective July 31, 1998.

Prior year amounts have been restated.

STATISTICS

Fourth Quarter Year to Date

1998 1997 1998 1997

Occupancy as a percentage

of total capacity 101.6% 100.8% 105.2% 104.2%

Passenger Cruise

Days 2,811,302 2,615,285 11,607,906 8,759,378