Royal Caribbean Cruises Ltd. (Royal Caribbean) is a cruise company. As of December 31, 2012, the Company operated 41 ships in the cruise vacation industry across six brands with an aggregate capacity of approximately 98,650 berths. The Company's ships operate on a range of global itineraries, which call on approximately 455 destinations on all seven continents. Its global brands include Royal Caribbean International, Celebrity Cruises, Pullmantur, Azamara Club Cruises and CDF Croisieres de France. These brands are complemented by its Pullmantur brand, which has been custom tailored to serve the cruise markets in Spain, Portugal and Latin America, and its CDF Croisieres de France brand, which provides it with a custom tailored product targeted at the French market. In addition, it has a 50% investment in a joint venture, which operates the brand TUI Cruises, tailored for the German market.