An exact replica of the Titanic is 'full-steam ahead' with the design being finalised by an Australian shipping company.

The Blue Star Line plans to launch the ship, called 'Titanic II', and have it follow the exact route as the original ocean liner in 1912.

The ship would sail from Southampton to New York taking in port stops at Cherbourg and Cork.

Every bit as luxurious as her namesake, 'Titanic II' will have modern amenities along with 21st century technology and the latest navigation and safety systems.

Illustration showing a First Class suite on Titanic II. Image: Blue Star Line

Unlike its predecessor, the new ship will have 18 fully enclosed motor-driven lifeboats with a capacity of up to 250 people.

Blue Star Line chairman Clive Palmer said on Wednesday that design plans for 'Titanic ll' were being finalised.

"We are very pleased to announce that after unforeseen global delays, we have reengaged with partners to bring the dream of Titanic ll to life," he said.

"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.

"We are getting the best ship-builders, designers and engineers in the world back on deck to build Titanic ll," he added.

Illustration showing the Grand Staircase on the Titanic II. Image: Blue Star Line

Titanic historian Tim Maltin told Moncrieff there will be some other modern changes.

"It's going to be like a country house afloat," he said.

"There will be some other improvements; your listeners might be interested to know that even in First Class, some of the men travelling singly had to share a bathroom.

"Let's not forget in 1912 most people's houses didn't have hot and cold running water.

"I'm sure on the new Titanic II they'll have ensuite bathrooms for all of the suites".

Illustration showing lifts on the Titanic II. Image: Blue Star Line

Mr Maltin said he believes Mr Palmer wants to get his name in the history books.

"I think a legacy, I think notoriety; as he himself says he's got lots of money but what he's going to be remembered for?

"I think he feels that he could just do nothing and play golf but then no one's going to remember him.

"But if he does actually launch the Titanic II and it actually sails from Southampton to New York, then he's probably going to be get his name in the history books".

Illustration showing Third Class dining on the Titanic II. Image: Blue Star Line

Tickets are not yet available for the crossing with ticketing information and dates still to be announced.

The ship will have the same class categories as the original Titanic - First Class, Second Class and Third Class.

The Blue Star Line has said an option for passengers to experience all the different classes on the ship is under consideration.