Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
ARONSON BERNARD W
  2. Issuer Name and Ticker or Trading Symbol
ROYAL CARIBBEAN CRUISES LTD [RCL]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
ACON INVESTMENTS LLC - SUITE 700, 1133 CONNECTICUT AVENUE N.W.
3. Date of Earliest Transaction (Month/Day/Year)
09/01/2006
(Street)

WASHINGTON, DC 20031
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 09/01/2006   M   15,000 A $ 26.75 17,992 D  
Common Stock 09/01/2006   M   20,000 A $ 28.875 37,992 D  
Common Stock 09/01/2006   M   10,000 A $ 20.3 47,992 D  
Common Stock 09/01/2006   M   25,000 A $ 9.55 72,992 D  
Common Stock 09/01/2006   S   70,000 D $ 37.0967 2,992 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Option to Purchase Common Stock $ 26.75 09/01/2006   M     15,000   (1) 09/24/2008 Common Stock 15,000 $ 0 0 D  
Option to Purchase Common Stock $ 28.875 09/01/2006   M     20,000   (2) 03/31/2010 Common Stock 20,000 $ 0 0 D  
Option to Purchase Common Stock $ 20.3 09/01/2006   M     10,000   (3) 12/04/2010 Common Stock 10,000 $ 0 0 D  
Option to Purchase Common Stock $ 9.55 09/01/2006   M     25,000   (4) 10/16/2011 Common Stock 25,000 $ 0 25,000 (4) D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
ARONSON BERNARD W
ACON INVESTMENTS LLC - SUITE 700
1133 CONNECTICUT AVENUE N.W.
WASHINGTON, DC 20031
  X      

Signatures

 /s/ Bradley H. Stein, Attorney-in-Fact for Bernard W. Aronson   09/05/2006
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) 6,000 Shares were exercisable on 9/24/2000; 3,000 Shares were exercisable on 9/24/2001, 3,000 Shares were exercisable on 9/24/2002 and 3,000 Shares were exercisable on 9/24/2003.
(2) 8,000 Shares were exercisable on 3/31/2002; 4,000 Shares were exercisable on 3/31/2003; 4,000 Shares were exercisable on 3/31/2004; and 4,000 Shares were exercisable on 3/31/2005.
(3) 3,334 Shares were exercisable on 12/4/2001; 3,333 Shares were exercisable on 12/4/2002 and 3,333 Shares were exercisable on 12/4/2003.
(4) 8,334 Shares were exercisable on 10/16/2002; 8,333 Shares were exercisable on 10/16/2003 and 8,333 Shares were exercisable on 10/16/2004.

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