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EXHIBIT 12

SEA CONTAINERS LTD.

COMPUTATION OF RATIOS

		Year ended December 31,																	Nine months ended September 30,
		1997			1998		1999			2000			2001			Pro forma 2001			2001			Pro forma 2001			2002			Pro forma 2002
		(in thousands, except ratios)
Earnings before income taxes		$	44,811		$	63,634	$	66,654		$	59,146		$	22,656		$	7,374		$	29,312		$	15,889		$	45,253		$	33,400
Equity in undistributed earnings of unconsolidated companies			(308	)		33		(23,804	)		(22,653	)		(26,565	)		(42,953	)		(17,995	)		(32,999	)		(11,567	)		(22,420	)
Add back dividends received			637			—		513			585			103			103			20			20			—			—
Total earnings (losses) before income taxes		$	45,140		$	63,667	$	43,363		$	37,078		$	(3,808	)	$	(35,476	)	$	(9,196	)	$	(17,090	)	$	20,945		$	10,980
Fixed charges:
	Interest	$	112,425		$	120,879	$	124,043		$	141,959		$	128,923		$	108,520		$	99,730		$	83,934		$	101,134		$	84,907
	Amortization of finance costs		5,799			4,957		5,043			5,659			45,787			4,635			4,447			3,707			3,910			2,819
Total interest			118,224			125,836		129,086			147,618			134,710			113,155			104,177			87,641			105,044			87,726
Interest factor of rent expense			84,801			87,501		105,349			87,933			83,061			82,659			62,296			61,994			62,296			61,994
Total fixed charges			203,025			213,337		234,435			235,551			217,771			195,814			166,473			149,635			167,340			149,720
Capitalized interest			1,391			1,392		1,928			1,365			1,815			933			1,229			739			1,127			588
Fixed charges (excluding capitalized interest)		$	201,634		$	211,945	$	232,507		$	234,186		$	215,956		$	194,881		$	165,244		$	148,896		$	166,213		$	149,132
Earnings before fixed charges (excluding capitalized interest) and income taxes		$	246,774		$	275,612	$	275,870		$	271,264		$	212,150		$	159,405		$	174,440		$	131,808		$	188,889		$	160,112
Ratio of earnings to fixed charges (reported)			1.2x			1.3x		1.2x			1.2x			1.0x			0.8x			1.0x			0.9x			1.2x			1.1x
Deficiency in earnings to cover fixed charges			—			—		—			—			—			(36,409	)		—			(17,829	)		—			—
EBITDA*		$	250,664		$	278,110	$	285,521		$	291,710		$	248,279		$	197,983		$	202,663		$	162,346		$	221,282		$	180,392
Ratio of EBITDA to cash interest expense			2.3x			2.5x		2.5x			2.1x			1.9x			1.8x			2.0x			1.9x			2.4x			2.3x

*

Earnings from operations plus depreciation and amortization.

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SEA CONTAINERS LTD. COMPUTATION OF RATIOS