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Exhibit 12

Sea Containers Ltd. and Subsidiaries
Computation of Ratios of Earnings to Fixed Charges

Year ended December 31,		1999			2000			2001			2002			2003
		(in thousands, except ratios)
Earnings before minority interests and income taxes		$	66,654		$	59,146		$	22,656		$	59,834		$	120,682
Equity in undistributed earnings of unconsolidated companies			(23,804	)		(22,653	)		(26,565	)		(18,698	)		(33,599	)
Add back dividends received			513			585			103			86			358
Total earnings / (losses) before income taxes		$	43,363		$	37,078		$	(3,806	)	$	41,222		$	87,441
Fixed charges:
	Interest	$	124,043		$	141,959		$	128,923		$	130,831		$	100,067
	Amortization of finance costs		5,043			5,659			5,787			5,020			4,530
Total interest			129,086			147,618			134,710			135,851			104,597
Interest factor of rent expense			105,349			87,933			83,061			56,569			71,888
Total fixed charges			234,435			235,551			217,771			192,420			176,485
Capitalized interest			(1,928	)		(1,365	)		(1,815	)		(1,168	)		—
Fixed charges (excluding capitalized interest)		$	232,507		$	234,186		$	215,956		$	191,252		$	176,485
Earnings before fixed charges (excluding capitalized interest) and income taxes		$	275,870		$	271,264		$	212,150		$	232,474		$	263,926
Ratio of earnings to fixed charges			1.2			1.2			1.0			1.2			1.5

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Exhibit 12