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?

Micky Arison : Our booking curve is as far out as it has ever been historically and that has been the case since about the middle of last year. And it has not come in at all. Anecdotally we are ahead in the first quarter of 2009, so the booking curve is as far out as it has ever been.

Mark Reid (Land Bank): Within the U.S. economy, are you seeing any regional imbalances?

Micky Arison: A lot of what we are saying relates to reading the Wall Street Journal and other newspapers. We are more concerned about Florida than California because of that.

The housing situation in those markets is far worse than anywhere else in the country. We are impacted by what happens in the market and we are impacted by Bear Stearns.

Bob Simonson (William Blair): Do you have an update or any change in your expectations for interest and deprecation this year?

Beth Roberts: Interest should be towards the lower end of our original guidance range which was 360 to 380. D&A is also towards the low end of our previous guidance range of $1.290 billion to $1.310 billion.

Bob Simonson (William Blair): How much was CapEx for this year and next?

Beth Roberts: CapEx is $3.2 billion for 2008 and $3.5 billion for 2009.

Rick Lyall (John W. Bristol): Comment on the elements of controllable costs that provide a favorable outlook for the balance of the year?

David Bernstein: It is not that we are front loading, it has to do with scheduling of the dry-dock and there generally is not much scheduling in the third quarter because that is of course the strongest season for us.

So you have got a lot more dry-dock scheduled in the first quarter and it was up $21 million. Basically, the controllable costs are relatively flat for all four quarters of the year.

Rick Lyall (John W. Bristol): Is it time given your valuation in dividend yield which is not too far off from your financing costs to consider a more aggressive repo?