Royal Caribbean Cruises Ltd. (RCCL), the world's second largest cruise shipping group, has terminated a lease of Brilliance of the Seas, it said in a statement.

"On December 12, 2014, we refinanced the Brilliance of the Seas by terminating the leasing of the ship under the 25-year operating lease originally entered into in July 2002 and acquiring the ship for a purchase price of approximately $275 million. We will not recognize any gain or loss in connection with this refinancing," the company said in a statement.

"We funded the purchase through drawings under our revolving credit facilities. In connection therewith, we increased our revolving credit capacity by $300 million by utilizing the accordion feature on our revolving credit facility due August 2018," RCCL said.

The ship was leased from HBOS group in the UK and it was managed and operated from the UK as a result. At the moment, 13 ships of the RCCL group, including Brilliance of the Seas, are in the UK tonnage tax regime, which stipulates that they have to be managed and operated from the UK.