The replica of the original craft has an estimated cost of over €380 million. Although the designers are attempting to build the ship as close as possible to the design of the doomed Titanic, adjustments will be made to take advantage of new technology and to obey modern health & safety laws. The wooden walls of the original, for example, will be replaced to conform with fire regulations, while the ship will overall be larger than the RMS Titanic.

Speaking to The Australian, Palmer - who is funding and leading the project - has been trying to woo potential captains and other crew members. "[Wages] will be pretty similar to other cruise ships but there will be a certain elitism to say you've worked on Titanic II" he said. "They'll get to have a 20-course dinner in first class. [Staff accommodation] will be in better quality cabins than the passengers. I think you'd fall in love and get married. It will be a ship full of love."

The Titanic II is scheduled to embark on its maiden voyage in 2016, operated by Palmer's company Blue Star Line. The project has been criticised as insensitive by some in light of the tragic end of the original voyage. Palmer also has gained a reputation for proposing highly publicised projects without finishing them, including an attempt to build a commercial Zeppelin.

The second Titanic is not Palmer's first attempt to recreate the past. He has expressed an interest in researching cloned dinosaurs ala Jurassic Park, and has already bought more than 100 giant mechanical dinosaurs to occupy his Coolum resort in Queensland.