David Bernstein: About 0.3 percentage points was due to the fuel supplement and the other 0.7 points was due to the changes in ticket, revenue yields, as well as onboard revenue yield.

Micky Arison: We have increased yield guidance on an actual basis so when analysts are comparing our constant dollars to someone else's actuals if they increase it, it is probably because of currency as well.

Unidentified Analyst: Did you purchase any shares in the quarter?

Howard S. Frank: We did purchase early in the quarter about $82 million worth of shares.

Unidentified Analyst: Has the economic environment changed enough to make you rethink any of your ship delivery schedules or potential timeframe for additional orders?

Micky Arison : No, we are continuously talking to the yards about delivery times and depending on the needs of the various brands so you may see minor tweaks but overall is no.

David Leibowitz (Burmingham): Is there anything on retirement of vessels that are within the fleets, or moving them to joint ventures or things of that nature?

Micky Arison : There are no plans at the current time to retire any ships or put them into a joint venture.

We acquired 75% of Ibero Cruises last year and we have moved one of the older Carnival ships into that venture, The Celebration, and there will be a second ship to go into that business in 2009.

Howard S. Frank: There are only about five or six ships that were built prior to 1988 in our fleet.

David Leibowitz (Burmingham): When the new Panama Canal is completed in either in 2011 or 2012, is that going to change your itineraries as a consequence?

Howard S. Frank: They will give more flexibility to the post-Panamax ships particularly the ones that are on the West Coast.

It will be a major issue for us, but it will give us greater flexibility to move post-Panamax, what is presently post-Panamax ships from one coast to the other the way we do Panamax ships now.

Assia Georgieva (Infinity Research): Can you give us some more color as to the booking trends by European passengers?

Howard S. Frank: Our booking in Europe has been very strong and are significantly up year-on-year. We have several new ships entering service, bookings are strong for those ships.

We are in quite good shape in Europe, but even though we are ahead in some cases on European yields right now or European pricing, our brands are suggesting that we will be coming relatively flat on yields in Europe by the time these quarters are closed.

Assia Georgieva (Infinity Research): Any specific reason for Alaska's perfomance or is it just cyclicality there?

Micky Arison ; Alaska is doing fine. Part of the issue is that summer demand has skewed more towards Europe The $50 head tax has also been an issue.

Clearly Alaska is not growing the way other markets are growing and it will continue not to grow at the pace of other premium markets like Europe based on many factors. Ooverall it is a good premium market for us.

Mark Reid (Land Bank): Comment on your bookings visibility?