Titanic Will Sail Again: Australia's Wealthy Businessman To Rebuild Ship By 2016

The tragic story of the Titanic has fascinated people of every generation ever since the shipwreck happened a century ago. Hundred years after the disaster, an idea of replicating the world's biggest ship that made history sounds just exciting.

Clive Palmer, one of the richest man in Australia, is about to make history. The Queensland billionaire revealed his plans Monday of building a replica of the Titanic to add it to his tourism portfolio.

Blue Star Line Pty Ltd, Palmer's company, is building the Titanic II, by commissioning a state-owned Chinese company CSC Jinling Shipyard.

Palmer's announcement has come along with his announcement of contesting for next federal election in the Queensland seat of Lilley, held by Deputy Prime Minister and Treasurer Wayne Swan, reports the Sydney Morning Herald.

The cruise liner, which will be built in China, is expected to go on its first voyage from England to North America by the end of 2016, says the memorandum of understanding between the companies.

It will be every bit as luxurious as the original Titanic but of course it will have state-of-the-art 21st-century technology and the latest navigation and safety systems, Palmer told SMH.

Titanic II is apparently a tribute to the original Titanic which could never complete its maiden voyage from Southampton to New York and sank April 15, 1912. More than 1500 people aboard lost their lives.

These people produced work that is still marveled at more than 100 years later and we want that spirit to go on for another 100 years, he said.

The Titanic had been termed unsinkable, but she sank after hitting an iceberg. When Palmer was asked if the Titanic II could sink, he responded: Of course, it will sink if you put a hole in it.

It is going to be designed so it won't sink. It will be designed as a modern ship with all the technology to ensure that doesn't happen. But, of course, if you are superstitious like you are, you never know what could happen, he added.

The budget of the project is still unknown but, according to Palmer, the Titanic II would run on diesel and would have the same dimensions as that of the original with 840 rooms and nine decks.

She would be ultimate in comfort and luxury with onboard gymnasiums and swimming pools, libraries, high class restaurants and luxury cabins, Palmer said.

The Chinese navy will be reportedly escorting the new ship on her maiden voyage.

Clive Palmer is a self-made business magnet and owns the Sunshine Coast's Coolum Golf and Spa Resort, and the Gold Coast's Robina Woods and Colonial golf courses.

The original Titanic was built in Belfast and was designed to be the last word in luxury.

The Titanic remains on the Atlantic seabed, gradually disintegrating. Films, folk songs and books have kept the memories of the ship still alive, even 100 years after the tragedy.