According to the Sydney Morning Herald, Palmer's company Blue Star Line Pty Ltd has commissioned the Chinese company CSC Jinling Shipyard to build a close replica of the infamous ship.
"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 said.
Just a few weeks after the centennial of the Titanic's original trip, Palmer referenced the men and women who toiled to create the beautiful steamliner: "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.
Then there's the inevitable question: Will it sink? "Of course it will sink if you put a hole in it," Palmer quipped to reporters. "It is going to be designed so it won't sink...but, of course, if you are superstitious...you never know what could happen.''
The ship is expected to be as aesthetically close to the original as possible, with the same dimensions, including 840 rooms and nine decks. It will offer the luxuries of a modern cruise ship -- gyms, swimming pools, libraries, top notch restaurants, and comfortable cabins. And, per Palmer, the only changes will be evident below the water's surface, as the revised Titanic will be built with state of the art engineering and will run on diesel rather than coal power.
So what will happen to the old boiler rooms? Palmer plans to turn that space into an exhibition space, showcasing Queensland as a tourist spot for international travelers.
Something tells me that Jack and Rose running through a tourist trap won't be as exhilarating as them being chased through a coal factory. But, perhaps James Cameron will take that problem into his own hands with a Titanic II film.