Washington, D.C. 20549

                        REPORT OF FOREIGN PRIVATE ISSUER
                     PURSUANT TO RULES 13a-16 OR 15d-16 OF
                      THE SECURITIES EXCHANGE ACT OF 1934

                         For the month of October, 2002

                          ROYAL CARIBBEAN CRUISES LTD.

                    1050 Caribbean Way, Miami, Florida 33132
                    (Address of principal executive offices)

     [Indicate  by check mark whether the  registrant  files or will file annual
reports under cover Form 20-F or Form 40-F.]

        Form 20-F       x                  Form 40-F
                      -----                                 -----

     [Indicate  by  check  mark  whether  the   registrant  by  furnishing   the
information contained in this Form is also thereby furnishing the information to
the Commission  pursuant to Rule 12g3-2(b) under the Securities  Exchange Act of

        Yes                                No                 x
                      -----                                 -----

     [If  "Yes" is  marked  indicate  below  the  file  number  assigned  to the
registrant in connection with Rule 12g3-2(b): 82-_____.]

                                    Contact:  Lynn Martenstein or Erin Williams
                                              (305) 539-6570 or (305) 539-6153

                                    For Immediate Release


MIAMI - October 11, 2002 - Royal Caribbean  Cruises Ltd. (NYSE,  OSE: RCL) today
provided an update on the current outlook for bookings and yields.  During 2002,
as booking  patterns  improved,  analysts have raised their earnings  estimates,
which  currently  average $0.85 for the third quarter.  Since the company's last
update,  bookings  have  continued to  strengthen  and costs have  fallen.  As a
result,  the company now expects  reported  third quarter  earnings to be in the
range of $0.98 to $0.99 per share,  including a charge of $20 million,  or $0.10
per  share  recorded  in  connection  with  a  previously   disclosed  potential
litigation settlement.  The better-than-expected  earnings are the results of an
improved  revenue  environment  and  higher-than-anticipated  cost savings.  Net
yields (net  revenue per  available  passenger  cruise day) for the quarter were
down about 1.7% from the third quarter of 2001. The third  quarter's lower costs
were the results of the company's  continued  focus on cost savings,  as well as
the timing of certain expenses that will now be incurred in the fourth quarter.

Bookings for the fourth quarter continue to meet the company's expectations, but
the pattern of customers  booking their cruises late also continues.  The fourth
quarter is traditionally  the weakest quarter and the most difficult to predict.
The trend to later bookings  exacerbates the difficulty of forecasting  results.
The company  hopes to be able to absorb the impact of the  previously  mentioned
shift in costs  between  quarters  and  still  meet  fourth  quarter  consensus.
Management now  anticipates  that yields for the full year will be down about 1%
to 2%. Full year  earnings  for 2002 are expected to be in the range of $1.55 to
$1.60 per share,  including the settlement charge referred to above. All figures
mentioned do not include any amounts  related to the  proposed  DLC  combination
with P&O Princess.

The company intends to provide more information on the outlook after it finishes
the quarter's  financial close. The company's earnings release will be issued on
October 23, 2002. A conference call with analysts has been scheduled for 10 a.m.
that day, and can be heard by all interested  parties at the company's  investor
relations web site,

Visual  aids  relating  to the call also will be  available  at the web site.  A
replay of the webcast will be  available at the same site for a month  following
the call.

Royal Caribbean  Cruises Ltd. is a global cruise vacation  company that operates
Royal Caribbean International and Celebrity Cruises, with a combined total of 24
ships in service and four under  construction or on firm order. The company also
offers  unique  land-tour  vacations  in Alaska,  Canada and Europe  through its
cruise-tour    division.    Additional    information    can   be    found    on, or

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,  performance 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,  reduced consumer demand for
cruises  as a result of any  number of  reasons,  including  armed  conflict  or
political instability, availability of air service, the delivery schedule of new
vessels,  unplanned service outages of vessels, changes in interest rates or oil
prices  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 as we operate in a continually changing business environment,  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.

Legal Note on  Disclosure  of  Shareholdings  --  Effective  October 4, 2002

Any person who owns or controls, or who would as a result of any transaction own
or control, directly or indirectly, 1 per cent. or more of any class of relevant
securities of Royal  Caribbean is now required under the provisions of Rule 8 of
the UK City Code to notify the London Stock  Exchange and the UK Takeover  Panel
of every dealing in such securities. Relevant securities include shares in Royal
Caribbean and also instruments  convertible into such shares.  Where two or more
persons  act  pursuant  to an  agreement  or  understanding,  whether  formal or
informal,  to acquire or control relevant  securities in Royal  Caribbean,  they
will be deemed to be a single person for disclosure  purposes.  This  disclosure
obligation commenced on October 4, 2002 and will continue until either the Royal
Caribbean/P&O  Princess  merger is approved by P&O Princess  shareholders or the
merger  agreement  between the two parties is terminated.  Disclosure  should be
made on an appropriate  form (as set out in the Disclosure  Forms section of the
UK City Code) before 12 noon (London  time) on the  business day  following  the
date of the dealing transaction. These disclosures should be sent to the Company
Announcements Office of the London Stock Exchange (fax number: +44 20 7588 6057)
and to the Panel (fax  number:  +44 20 7256 9386).  Shareholders  should also be
aware that a similar disclosure obligation already applies to persons who own or
control 1 per cent. or more of any class of relevant  securities of P&O Princess
or Carnival in respect of transactions respectively in those companies.

                                    # # # #


Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned, thereunto duly authorized.

                                        ROYAL CARIBBEAN CRUISES LTD.

Date:  October 11, 2002                 By: /s/ BONNIE S. BIUMI
                                        Bonnie S. Biumi
                                        Acting Chief Financial Officer