EXHIBIT 99.1


CONTACT:  Tim Gallagher                       FOR IMMEDIATE RELEASE


   CARNIVAL CORPORATION MAKES OFFER FOR CELEBRITY CRUISE LINES


    MIAMI (6/25/97) -- Carnival Corporation (NYSE:CCL) confirmed
today that it had sent a proposal to the two stockholders of
Celebrity Cruise Lines Inc. (the Chandris Group and Overseas
Shipholding Group, Inc.) indicating its willingness to purchase
Celebrity for $525 million, subject to board approval and
successful completion of due diligence.  At the option of
Celebrity, the purchase price may be paid in cash or a
combination of cash and Carnival Class A Common Stock (in the
same proportion as the announced transaction with Royal
Caribbean).  Carnival indicated it may consider increasing the
purchase price if it can identify additional value in Celebrity. 
Carnival also indicated its willingness to work with Celebrity
and its stockholders on an expedited basis to perform due
diligence, to finalize its proposal and to enter into a
definitive acquisition agreement on customary terms and
conditions (including regulatory approvals).

    In its correspondence, Carnival stated that it believed there
is a very strong strategic fit for Celebrity within the Carnival
Corporation group of cruise lines.  And, as it has done with its
other acquisitions, Carnival stated its intention to maintain
Celebrity as a separate brand under current management.  The
company further stated that it perceives significant talent in
Celebrity's management team and employee base and that it
believes there would be substantial opportunities for Celebrity
employees.

    Should Carnival be successful in concluding an acquisition of
Celebrity, it does not believe that the acquisition will have a
dilutive effect on Carnival's earnings per share in 1998.

    Carnival has not entered into any agreement concerning a
possible acquisition of Celebrity.  No assurance can be given
that there will be a response to Carnival's proposal, that any
agreement relating to the purchase of Celebrity will be entered
into or that an acquisition of Celebrity by Carnival will be
consummated.

    Carnival Corporation is comprised of Carnival Cruise Lines,
the world's largest cruise line based on passengers carried,
Holland America Line, Windstar Cruises and interests in Seabourn
Cruise Line and Costa Cruise Lines, which combined operate 33
ships in the Caribbean, Alaska, Europe and other worldwide
destinations.  Combined, Carnival Cruise Lines and Holland
America Line have seven new ships slated for delivery over the
next three years.  Carnival Cruises Asia,   a joint venture with
Hyundai Merchant Marine, is scheduled to begin cruise operations
in the Far East in the spring of 1998.  Carnival also holds a
29.5 percent interest in Airtours plc, a UK-based, vertically
integrated tour operator.
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NOTE: Statements in this press release relating to matters that
are not historical facts are forward-looking statements.  Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors, which may cause the actual
results, performances or achievements of Carnival Corporation to
be materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements.  Such factors include general economic and business
conditions, changes in cruise industry capacity and competition,
changes in tax laws and regulations affecting Carnival and its
principal stockholders, changes in other laws and regulations
affecting Carnival and other factors which are described in
further detail in Carnival's filings with the Securities and
Exchange Commission.