RCI Delays Newbuilds

October 31, 2001

Even as Royal Caribbean prepares to launch Adventure of the Seas, the
cruise line -- like Holland America -- is negotiating with shipyards to
delay launches of four additional new builds. As with Holland America, which
already announced plans to slightly delay Zuiderdam -- and we expect this
type of news from various cruise lines to be the proverbial iceberg’s tip --
the delays aren’t terribly extreme. For instance, Navigator of the Seas, due
out at the end of next year, will instead launch in early 2003. Others that
Royal Caribbean anticipates will be held back for a few months include
Serenade of the Seas, Mariner of the Seas and Jewel of the Seas.
Incidentally, Jewel of the Seas is it, at least for now, for Royal
Caribbean’s short and/or long-term newbuild program. After Jewel, there are
no new ships in the pipeline.