An Australian billionaire has relaunched plans for a replica version of the Titanic.

Clive Palmer — an Australian businessman and a former parliament member — claims the so-called Titanic II will be “far, far superior than the original” and hopes the ship can set sail with passengers in “style and luxury,” Forbes reported.

According to Palmer’s statement, the ship’s maiden voyage is planned for June 2027, where it will follow its predecessor and first sail from Southampton, England, to New York. Following this, Titanic II will circumnavigate the world and bridge “a century with a voyage of unparalleled elegance.”

Is Titanic II historically accurate?

Aside from technological upgrades and updated navigation and safety systems, the replica ship looks and acts on par with its original version.

Titanic II will weigh around 56,000 tons, comprising nine decks — with 835 cabins — designed to “recreate the grandeurs of its namesake.” In addition, the vessel will extend about 833 feet (269 meters) long and 105 feet (32.2 meters) wide, per the statement.

It will also feature four smoke stacks similar to its original, but will run on a diesel engine instead of a coal-powered model.

CNN added that the ship will cater up to 2,345 passengers, with nearly half of them reserved for first-class passengers.

According to Forbes, Blue Star Line, Palmer’s company, is planning to recreate the iconic grand staircase, theater, casino, smoking room and class-based dining rooms for the planned ship.

A spokesperson told CNN that passengers are encouraged to dress for the 1900s — but it’s not required. Plus, third-class passengers will be authentically served mash and stew while sitting in a shared mess hall. However, alternative meals will be available.

Is this Palmer’s first attempt at Titanic II?

According to The Guardian, this is the third time Palmer has attempted to recreate the original Titanic.

The billionaire first announced plans in 2012 — the 100th anniversary of the Titanic’s sinking — to build the ship for a 2016 departure. But the project was docked in 2015 amid payment disputes between the Chinese company Citic and one of Palmer’s businesses.

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In 2018, the project was again announced for a 2022 sailing, but Palmer claimed the COVID-19 pandemic halted its progression.

The statement said that the project this time will have a partnership with ship design and marine engineering company Deltamarin, as well as with companies V.Ships Leisure for project support and Tillberg Design for interior design. The latter company helped to create the Queen Elizabeth 2 and Queen Mary 2 ocean liners.

“We are getting the best ship-builders, designers and engineers in the world back on deck to build Titanic ll,” per Palmer’s statement.

How much will this cost?

Palmer stated that the project is estimated to be between $500 million and $1 billion. Despite this, he’s not worried about the cost.

“I’ve got more money now,” he said to The Guardian.

Regardless of the end cost, Palmer envisions the replica as a symbol of peace among issues of war.

He said in the statement, “Titanic ll is something that can provide peace. It can be a ship of peace between all countries of the world. ... Titanic ll will be the ship where those dreams come true.”