Royal Caribbean Cruises Ltd. (Royal Caribbean) is a cruise company operating 38 ships in the cruise vacation industry with approximately 78,650 berths as of December 31, 2008. The Company owns five cruise brands, Royal Caribbean International, Celebrity Cruises, Pullmantur, Azamara Cruises, and CDF Croisieres de France. In addition, it has a 50% investment in a joint venture with TUI AG which operates the brand TUI Cruises. Its cruise brands primarily serve the contemporary, premium and deluxe segments of the cruise vacation industry, which also includes the budget and luxury segments. The ships operate on a selection of worldwide itineraries that call on approximately 425 destinations. Royal Caribbean’s ships operate worldwide and have itineraries that call on destinations in Alaska, Asia, Australia, the Bahamas, Bermuda, California, Canada, the Caribbean, Europe, the Galapagos Islands, Hawaii, Mexico, New England, New Zealand, the Panama Canal and South America.