Titanic II to sail in 2016 says Australian billionaire

An Australian billionaire on Monday said he'll create a high-tech replica of the Titanic using a Chinese shipbuilder, and that its maiden voyage in late 2016 will be from England to New York, just like the original.

Weeks after the 100th anniversary of the sinking of the original Titanic, Clive Palmer announced Monday he has signed a memorandum of understanding with state-owned Chinese company CSC Jinling Shipyard to build the Titanic II.

"It will be every bit as luxurious as the original Titanic, but ... will have state-of-the-art 21st-century technology and the latest navigation and safety systems," Palmer said in a statement. He called the project "a tribute to the spirit of the men and women who worked on the original Titanic."

More than 1,500 people died after the Titanic hit an iceberg in the North Atlantic on its first voyage. It was the world's largest and most luxurious ocean liner at the time.

Palmer built a fortune on real estate on Australia's Gold Coast tourist strip before becoming a coal mining magnate. BRW magazine reported he was Australia's fifth-richest person last year with an estimated fortune of more than 5 billion Australian dollars ($5.2 billion).

Palmer said at a press conference that previous attempts to build a Titanic replica failed because proponents failed to raise enough money and commission a shipyard. The Titanic II is the first of four luxury cruise ships Palmer has commissioned CSC Jinling Shipyard to build.

Palmer did not provide a cost estimate. He said he had established a new shipping company, Blue Star Line Pty. Ltd., and that design work for the Titanic II has begun with assistance from a historical research team.

The diesel-powered ship will have four smoke stacks like the coal-powered original, but they will be purely decorative.

The most obvious changes from the original Titanic would be below the water line, including welding rather than rivets, a bulbous bow for greater fuel efficiency and enlarged rudder and bow thrusters for increased maneuverability, Palmer said.