Royal Caribbean Cruises Ltd. is an American global cruise company incorporated in Liberia and based in Miami, Florida. It is the world's second-largest cruise line operator, after Carnival Corporation & plc. As of March 2009, Royal Caribbean Cruises Ltd. fully owns three cruise lines: Royal Caribbean International, Celebrity Cruises, and Azamara Club Cruises. They also hold a 50% stake in TUI Cruises and 49% stakes in Pullmantur Cruises and CDF Croisières de France. Previously Royal Caribbean Cruises also owned 50% of Island Cruises, but this was sold to TUI Travel PLC in October 2008.