MIAMI, April 24, 2008 -- Royal Caribbean Cruises Ltd. today announced strong Q1 results. Despite rising fuel costs, net income rose to 35c per share from 4c per share in 2007. This was led by fuel conservation and other cost-saving measures, combined with an impressive 7.1% increase in net yields.

"It is gratifying that, despite the challenging economic times, our guests continue to appreciate the outstanding value offered by our brands," said Richard Fain, Chairman and Chief Executive Officer. "We delivered the highest first quarter yields in our company's history, with significant improvement in ticket prices and continued healthy onboard spending."

Royal Caribbean Cruises Ltd. today announced net income for the first quarter 2008 of $75.6 million, or $0.35 per share, compared to net income of $8.8 million, or $0.04 per share, in 2007. The significant increase in earnings per share versus the first quarter 2007 was due primarily to increased capacity and higher yields, offset by higher fuel prices. Revenues for the first quarter 2008 increased to $1.4 billion from revenues of $1.2 billion in the first quarter 2007. Higher fuel prices increased costs by $60 million in the first quarter 2008, which reduced earnings per share by $0.28.

Key metrics for the first quarter 2008, as compared to the first quarter 2007, were as follows:

• Net Yields increased 7.1% to a record $173 per APCD.
• Fuel prices increased 53%, while fuel costs per APCD increased 24%; benefiting from energy saving initiatives and hedging. The average at-the-pump price for the quarter was $592 per metric tonversus $388 per metric ton in 2007.
• Net income increased to $75.6 million, or $0.35 per share, compared to $8.8 million, or $0.04 per share
• Net Cruise Costs per APCD increased 2.9%, and decreased 1.0% excluding fuel

2008 Outlook

For the full year 2008, the company continues to expect Net Yields to increase in a range around 4%, and adjusting for higher current fuel prices, earnings per share to be $2.85 to $3.00.

The company expects its second quarter 2008 earnings per share to be $0.40 to $0.45.

"Our record yield performance in the first quarter and our solid forward bookings demonstrate our resilience and are certainly reassuring," said Fain. "Our brands have clearly differentiated themselves and our portfolio of innovative newbuilds will continue to feed their momentum."

Fain continued, "Higher fuel prices have been a prolonged challenge for us, but our management team remains focused on cost controls and continues to help mitigate the impact. Except for higher fuel prices, it is very gratifying to see our revenues and earnings projected to be as good or better than our original expectations. Our brands' momentum, cost savings initiatives, growing economies of scale and the efficiencies of our new vessels should continue to improve our shareholder value."