Royal Caribbean Cruises Ltd is incorporated on July 23, 1985. The Company operates in the cruise vacation industry. The Company owns Royal Caribbean International, Celebrity Cruises, Pullmantur, Azamara Club Cruises, CDF Croisières de France and a 50% joint venture interest in TUI Cruises. Together, these six brands operate a combined 44 ships in the cruise vacation industry with an aggregate capacity of approximately 110900 berths as of December 31, 2015. Its brand includes Royal Caribbean International, Celebrity Cruises, and Azamara Club Cruises. These brands are complemented by its Pullmantur brand, which has been tailored to serve the cruise markets in Spain, Portugal and Latin America; its CDF Croisières de France brand, which provides with a tailored product, targeted at the French market; and its 50% joint venture TUI Cruises which is specifically tailored for the German market. Royal Carribbean International currently operate 23 ships with an aggregate capacity of approximately 68,600 berths under our Royal Caribbean International brand, offering cruise itineraries that range from two to 24 nights. Celebrity Cruises currently operate 10 ships with an aggregate capacity of approximately 23,100 berths under its Celebrity Cruises brand, offering cruise itineraries that range from two to 18 nights. Celebrity Cruises offers a variety of itineraries to popular destinations, including Alaska, Asia, Australia, Bermuda, Canada, the Caribbean, Europe, Hawaii, New Zealand, the Panama Canal and South America. Azamara Club Cruises currently operate two ships with an aggregate capacity of approximately 1,400 berths under the Azamara Club Cruises brand, offering cruise itineraries that range from four to 18 nights. Azamara Club Cruises is designed to serve the up-market segment of the North American, United Kingdom and Australian markets. Pullmantur operates four ships with an aggregate capacity of approximately 6200 berths under the Pullmantur brand, offering cruise itineraries that ranged from two to 15 nights throughout South America, the Caribbean and Europe. TUI Cruises is designed to serve the contemporary and premium segments of the German cruise market by offering a product tailored for German guests. The Company's competitors are competitors are Carnival Corporation & plc, which owns, among others, Aida Cruises, Carnival Cruise Lines, Costa Cruises, Cunard Line, Holland America Line, Iberocruceros, P&O Cruises and Princess Cruises; Disney Cruise Line; MSC Cruises; Norwegian Cruise Line and Oceania Cruises. The Company's ships are regulated by various international, national, state and local laws, regulations and treaties in force in the jurisdictions in which it operates.