Palmer’s Titanic II rises from the depths
CLIVE Palmer has announced his Titanic II project is back on, following years of stalled construction due to financial issues.
Work on the Titanic II has been suspended since 2015 after Mr Palmer's Mineralogy company - the parent company to Blue Star Line which will operate the Titanic II - was owed "hundreds of millions of dollars" of royalties from Citic Limited.
Mr Palmer said the Western Australian Supreme Court late last year ordered Citic Limited to pay back royalty payments to Mineralogy.
Mr Palmer is still embroiled in a Supreme Court battle over the collapse of Queensland Nickel in 2016 with more than $300m in debt, including almost $70 million owed to Australian taxpayers.
He is also appealing a decision to freeze more than $200m of his assets while the case is ongoing.
Speaking in London overnight, Mr Palmer announced work had now recommenced on the Titanic II since the matter was resolved.
"Blue Star Line will create an authentic Titanic experience, providing passengers with a ship that has the same interiors and cabin layout as the original vessel, while integrating modern safety procedures, navigation methods and 21st century technology to produce the highest level of luxurious comfort,'' Mr Palmer said.
"Titanic II is a unique project that will generate unprecedented international exposure and public interest.
"The ship will follow the original journey, carrying passengers from Southampton to New York, but she will also circumnavigate the globe, inspiring and enchanting people while attracting unrivalled attention, intrigue and mystery in every port she visits.
"Titanic ll will offer exclusive rights for global partners to leverage the Titanic ll brand for use in their licensing, advertising and marketing campaigns.
"Blue Star Line will deliver unparalleled global reach for our partners' brands and products, penetrating a diverse range of markets across the world.
"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.
"Millions have dreamt of sailing on her, seeing her in port and experiencing her unique majesty. Titanic ll will be the ship where those dreams come true."