Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from the line of Timothy Conder – Wells Fargo
Timothy Conder – Wells Fargo
If you could comment a little bit given what you’re talking about with the new Solstice and the Oasis class ships, what percentage of your passengers for European itineraries are going to be sourced from Europe this year and what do you think about for next year.
Adam Goldstein
The percentage, I think its possible last call I slightly overstated the percentage, but according to our latest data for this year its 56% are Europeans and probably about two thirds of all of our customers who will be on Europe this summer will not be from the US.
Timothy Conder – Wells Fargo
And that’s on the Royal Caribbean brand.
Adam Goldstein
That is actually in general for Royal Caribbean and Celebrity and are combined I believe.
Timothy Conder – Wells Fargo
And then any guesstimate looking into 2010 at this point, how you expect that to change.
Adam Goldstein
Well the general trend for our brands and consistent with what Dan just said is that we’ve been increasing the percentage of our customers who are coming from outside the US so other things being equal I expect the percentages that I just gave you to grow slightly.
Timothy Conder – Wells Fargo
And then with the formal carve out now of Azamara out from under the Celebrity umbrella how is that going to change the cost structure on a go forward basis.
Richard Fain
I think we’re not expecting anything dramatic in the context of the company. We’re making the changes mostly at the top level and Azamara has had a very successful operation, the vessel operation itself and what we’re expecting to do is simply to achieve better awareness and better focus from a management team led by Larry.
Timothy Conder – Wells Fargo
So again nothing changing from the marketing.
Richard Fain
It won’t be anything materially relevant in here for the cost structure.
Operator
Your next question comes from the line of Robin Farley - UBS
Robin Farley - UBS
On your yield guidance, looking on constant currency without the impact of the dollar weakening it looks like it went from being down 9 to 10 to being down 11 to 12% and I know a percentage point of that since prior guidance was the swine flu impact but it looks like today there’s another percentage point reduction in your yield guidance and is that all being driven by Spain or I wonder if you could just because a lot of the commentary about bookings was quite positive and so I just want to square that with this reduction in yield guidance and then on fuel hedging, are you going to increase the amount that you are hedging for 2010 and 2011 or are you just sort of finishing your hedging further in advance but you’re not going to hedge above previous levels.
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