For Immediate Release

ROYAL CARIBBEAN REPORTS THIRD QUARTER 2003 RESULTS

MIAMI – (October 27, 2003) – Royal Caribbean Cruises Ltd. (NYSE, OSE: RCL) announced today that net income for the third quarter of 2003 was $191.9 million, or $0.97 per share. This compares to $193.5 million, or $0.99 per share, for the third quarter of 2002. Revenues for the third quarter of 2003 increased 8.6% to $1.1 billion from revenues of $1.0 billion in the third quarter of 2002. The increase in revenues was primarily due to an increase in capacity and shipboard revenues, partially offset by lower cruise ticket prices and occupancy levels. Gross Yields for the third quarter of 2003 decreased 0.8% from the third quarter of 2002. Net Yields, which the company considers a better measure of revenue performance, decreased 2.1% from the third quarter of 2002.

While bookings improved rapidly after the war with Iraq, the fourth quarter has been somewhat softer than expected. The company currently estimates that Net Yields for the fourth quarter of 2003 will decrease 1% to 3% from the prior year. For the full year 2003, the company reaffirms its previous estimate of a 1% to 2% decline in Net Yields. Earnings for 2003 are expected to be in the range of $1.42 to $1.46 per share. Looking forward, the booking period of 2004 is just getting underway. Close-in bookings (i.e. those within 90 days of sailing) remain just under 50% which continues to make forecasting yield performance more difficult than in prior years. Nevertheless, management is encouraged by preliminary indicators and expects that the first quarter of 2004 will have positive Net Yield growth.

“While we have seen a significant post Iraq war recovery, the fourth quarter has been somewhat an exception to the overall trend,” said Richard D. Fain, chairman and chief executive officer of Royal Caribbean Cruises Ltd. “Nevertheless, our Net Yield performance continues to reinforce the strength of our brands and serves as encouragement in our ability to perform in 2004.”

Included in the third quarter of 2003 is a reduction in operating expenses of $5.8 million, or $0.03 per share, recorded in connection with the resolution of a litigation settlement originally recorded as a charge of $20 million, or $0.10 per share, in the third quarter of 2002. The third quarter of 2003 was also impacted by $8.7 million, or $0.04 per share, resulting from the cancellation of a Mediterranean cruise for a Celebrity cruise ship.

Gross Cruise Costs, on a per Available Passenger Cruise Day basis, increased 1.2% on a quarter over quarter basis. For the quarter, Net Cruise Costs were essentially flat, on a per Available Passenger Cruise Day basis. This is primarily attributable to higher fuel costs and costs associated with the cancellation of a Celebrity cruise, offset by the effect of the litigation settlement on the respective periods. As previously predicted Net Cruise Costs for the full year 2003, on a per Available Passenger Cruise Day basis, are expected to increase approximately 3% from the prior year.

The company has received $105 million in additional commitments under the terms of its unsecured revolving credit facility. The additional commitments have increased the availability under the facility to $655 million and do not alter any of the facility’s existing terms.

During September 2003, Celebrity released its “Treated Famously” marketing campaign. In the tradition of Celebrity’s 2002 “A True Departure” campaign, the “Treated Famously” television and print campaign continues to break away from typical cruise advertisements by showcasing the impact that a Celebrity vacation can have on making their guests’ experiences unforgettable. Based upon initial market reaction, the campaign is off to a good start.

This month the company will add Mariner of the Seas to its fleet. The new 142,000-ton Mariner of the Seas will be the fifth vessel in the 3,114-passenger Voyager-class series for Royal Caribbean International and the largest vessel to sail from Port Canaveral. The Mariner of the Seas and her sister ships are the world’s largest and most innovative cruise vessels featuring such amenities as the line’s signature rock-climbing wall, ice skating rink, an inline skating track, full-size basketball court, one of the largest fitness and spa complexes at sea, and the Royal Promenade — a shopping, dining and entertainment street running through the center of the ship.

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The company has scheduled a conference call at 10 a.m. today to discuss its earnings. This call can be listened to, either live or on a delayed basis, on the company’s investor relations web site at www.rclinvestor.com.

Terminology

Available Passenger Cruise Days
Available Passenger Cruise Days represent double occupancy per cabin multiplied by the number of cruise days for the period.

Gross Yields
Gross Yields represent revenues per Available Passenger Cruise Day.

Net Yields
Net Yields represent revenues less costs of air transportation, travel agent commissions and certain other direct costs (all of which are included in operating expenses) per Available Passenger Cruise Day. Such costs were $263.4 million and $232.3 million for the three months ending September 30, 2003 and 2002, respectively.

Gross Cruise Costs
Gross Cruise Costs represent operating expenses and marketing, selling and administrative expenses.

Net Cruise Costs
Net Cruise Costs represent running expenses (i.e. those expenses directly associated with ship operations, which are defined as operating expenses less costs deducted to arrive at Net Yields) and marketing, selling and administrative expenses.

Royal Caribbean Cruises Ltd. is a global cruise vacation company that operates Royal Caribbean International and Celebrity Cruises, with a combined total of 26 ships in service and three under construction or on firm order. The company also offers unique cruisetour vacations in Alaska, Canada and Europe. Additional information can be found on www.royalcaribbean.com, www.celebrity.com or www.rclinvestor.com.

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Certain statements in this news release are forward-looking statements. Forward-looking statements do not guarantee future performance and may involve risks, uncertainties and other factors, which could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. Such factors include general economic and business conditions, vacation industry competition, including cruise industry competition, changes in vacation industry capacity (including cruise capacity), the impact of tax laws and regulations affecting our business or our principal shareholders, the impact of changes in other laws and regulations affecting our business, the impact of pending or threatened litigation, the delivery of scheduled new ships, emergency ship repairs, incidents involving cruise ships at sea, reduced consumer demand for cruises as a result of any number of reasons (including armed conflict, terrorist attacks, geo-political and economic uncertainties or the unavailability of air service), changes in interest rates or oil prices, weather and other factors described in further detail in Royal Caribbean’s filings with the Securities and Exchange Commission. The above examples may not be exhaustive and new risks emerge from time to time. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In addition, certain financial measures in this presentation constitute non-GAAP financial measures as defined by Regulation G. A reconciliation of these items can be found on our investor relations website at www.rclinvestor.com.