Some people invest their extra cash or save it for a rainy day, but Australian mining mogul Clive Palmer wants to use his billions to recreate the Titanic voyage.
During an event at the Sydney Opera House on Wednesday, Palmer, 69, announced his new plans for the Titanic II project, which will attempt to rebuild the ship and retrace its original maiden voyage, minus the tragic ending.
It was the third time Palmer has announced the project, which was first unveiled in 2012. Initially, Titanic II was suspended in 2015 over payment disputes. Then it was relaunched in 2018 to set sail in 2022.
Palmer, who Forbes reported has a net worth of US$4.2 billion, blamed the latest failure on “unforeseen global delays” associated with the COVID-19 pandemic.
“The government lockdowns sent the cruise industry into a long-term shutdown but shipping is back in full business with passenger numbers now surpassing pre-COVID levels,” Palmer said in a press release. “We are getting the best ship-builders, designers and engineers in the world back on deck to build Titanic II.”
Palmer said his company Blue Star Line now intends to build the replica ship and set sail in June 2027, Australian media reported.
Palmer said his Titanic II will be “far, far superior than the original.”
Still, reporters present as Palmer unveiled his 3D-rendered design plans in Sydney did not hold back their skepticism. When asked why this third attempt to build Titanic II would be successful, Palmer said, “Because I’ve got more money now.”
He intends to recreate the Titanic’s nine decks with the same interiors and cabin layouts as the initial vessel. Titanic II, according to Palmer, will also include several upgrades, namely “modern safety procedures, navigation methods and 21st-century technology.”
Once constructed, Palmer says, the ship will sail from Southampton, England to New York, just as the Titanic was intended to do before sinking in the North Atlantic Ocean. The infamous tragedy led to the deaths of an estimated 1,500 passengers and crew members.
Palmer said he was pushing forward on the Titanic II project, in part, over fears that he will die having “done nothing,” The Guardian reported.
“So, I could do the Titanic,” he said. “It’s a lot more fun to do the Titanic than it is to sit at home and count my money.”
Palmer said he hopes that by building Titanic II, he will inspire world peace.
“In 1912 the Titanic was the ship of dreams. For over a century Titanic’s legend has been powered by mystery, intrigue and respect for all she stood for,’’ Palmer said.
“Titanic II is something that needed to be built,” he reasoned. “We all know how to make war. We get armies and we fund wars. People know about that. But it is a lot harder to make peace. To make peace you have got to stick with it every day. You progress inch by inch.”
According to Palmer, the Titanic II “can be a ship of peace between all countries of the world.”
Palmer said his “ballpark” estimate for the project is up to AUS$1 billion (about C$891.9 million). He anticipates construction will begin early next year, though he has not yet secured a shipyard.
Palmer said a “couple of million people” have already expressed interest in sailing on his 2,435-passenger Titanic II.
As well as a mining magnate, Palmer is a former politician. He founded the now-deregistered United Australia Party (formerly the Palmer United Party) and served one term as an MP after winning a seat in the 2013 Australian federal election. The party was formally deregistered in September 2022.