Among the interesting details within the first quarter earnings for Royal Caribbean International, was the fact that the line is finding 40% of its passengers outside of north America.  North America has seen only flat numbers during the past two years, a result of the recession.  This does much to explain the growing fleet of ships being positioned in Europe during the coming two years.  Yet according to analysts notes from Well's Fargo, since the U.S. dollar is up compared the sinking Euro, the shift is a mixed blessing.  Costs are down, but profit from fares paid for in a sinking currency are worth less.

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