P&o Princess Cruises International S-3 Shelf registration

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Exhibit 12.4

P&O Princess Cruises International Limited ("POPCIL")
Ratio of Earnings to Fixed Charges
(In millions, except ratios)
(UK GAAP)

				Years Ended December 31,
	Three Months Ended March 31, 2003
				2002			2001			2000			1999			1998
Net income	$	33.3		$	272.5		$	443.0		$	261.5		$	310.3		$	223.3
Income tax expense (benefit), net		0.4			17.1			(81.7	)		57.4			47.0			88.8
Income before income tax		33.7			289.6			361.3			318.9			357.3			312.1
Adjustment to earnings:
Minority interest		0.0						0.1			2.6			0.5
Earnings as adjusted		33.7			289.6			361.4			321.5			357.8			312.1
Fixed charges:
Interest expense, net		5.4			8.3			(2.3	)		46.9			28.7			32.9
Rent expense (a)		4.2			17.9			15.9			8.9			8.2			8.2
Capitalized interest		5.7			31.0			33.1			23.5			13.7			15.8
Total fixed charges		15.3			57.2			46.7			79.3			50.6			56.9
Fixed charges not affecting earnings:
Capitalized interest		(5.7	)		(31.0	)		(33.1	)		(23.5	)		(13.7	)		(15.8	)
Earnings before fixed charges	$	43.2		$	315.8		$	375.0		$	377.3		$	394.7		$	353.2
Ratio of earnings to fixed charges		2.8	x		5.5	x		8.0	x		4.8	x		7.8	x		6.2

(a)

Represents one-third of rent expense, which we believe to be representative of the interest portion of rent expense.

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Exhibit 12.4

Ratio of Earnings to Fixed Charges