Oz business tycoon announces plans to build new Titanic

Canberra, Apr 30 (ANI): An Australian mining businessman Clive Palmer has signed a Memorandum of Understanding with Chinese state-owned company CSC Jinling Shipyard to build Titanic II.

The construction of the ship will begin at the end of next year, and would be ready for its first voyage in 2016, The Australian reports.

Palmer has also said he planned to design the ship as close to the original Titanic as possible.

The completed ship will travel from Shanghai to London, escorted by the Chinese Navy and will travel from London to New York on its first passenger voyage.

Asked if the ship could sink, Palmer said: "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," he added. (ANI)