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Billionaire building second Titanic

The Queen of the Ocean - RMS Titanic sank to the bottom of the Atlantic ocean more than 100 years ago.

Ever since, the story has captured the imagination of the world, most famously in James Cameron's 1997 movie blockbuster Titanic and Celine Dion's accompanying hit song My Heart Will Go On.

But now a new replica of Titanic, named Titanic II is being built in China by Blue Star Line aiming to get the ship into service on the London–New York route across the Atlantic by 2022.

“Blue Star Line will create an authentic Titanic experience, providing passengers with a ship that has the same interiors and cabin layout as the original vessel, while integrating modern safety procedures, navigation methods and 21st century technology to produce the highest level of luxurious comfort,’’ says Australian billionaire Clive Palmer.

“The ship will follow the original journey, carrying passengers from Southampton to New York, but she will also circumnavigate the globe, inspiring and enchanting people while attracting unrivalled attention, intrigue and mystery in every port she visits."

Palmer last announced progress on the Titanic ll back in 2015 when work was suspended due to his flagship company, Mineralogy, being in dispute with Chinese government-owned Citic Limited over the non-payment of hundreds of millions of dollars of royalties owed to Palmer's companies.

“Citic Limited was just exporting millions of dollars of Mineralogy resources and refusing to pay for them,” says Palmer.

In late 2017 the Western Australian Supreme Court ordered that Citic Limited pay the outstanding royalties to Mineralogy.

Palmer confirmed that the financial constraints brought about by the failure of Citic to pay Mineralogy its financial entitlements were responsible for work on the project being suspended.

Blue Star Line has yet to confirm a launch date of 2022, but the date is being pushed by Palmer and tickets prices are still to be confirmed.