Billionaire To Build Titanic II In China
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Australian mining billionaire Clive Palmer will spend close to $500 million in order to build a 21st century replica of the Titanic in a Chinese shipyard, reported Bloomberg on Monday, and has plans to sail it from England to New York by the end of 2016.
Australian mining billionaire Clive Palmer will spend close to $500 million in order to build a 21st century replica of the Titanic in a Chinese shipyard, reported Bloomberg on Monday, and has plans to sail it from England to New York by the end of 2016.
“It (the replica) will be every bit as luxurious as the original Titanic, but of course it will have state-of-the-art 21st century technology and the latest navigation and safety systems,” according to Palmer.
The project, Palmer added was “a tribute to the spirit of the men and women who worked on the original Titanic,” and would become the flagship of his new fleet of luxury cruise-liners, which is to be named Blue Star Line in reference to the Titanic’s former owner.
The Australian mining magnate has a fortune of close to $5.3 billion with investments in numerous projects including golf courses, hotels, coal and iron-ore mining projects, a nickel smelter, a football team and a horse stud. However, according to Shore Capital Group Analyst Greg Johnson, Palmer’s entry into the cruise business may prove to be his undoing
[quote]“You’re starting from scratch with no experience,” Johnson said. “A $500 million punt is quite sizable.”[/quote]The move into the cruise-ship industry, one of the few areas of heavy manufacturing still dominated by European companies, will also prove to be a challenge for Chinese state-owned shipyard CSC Jinling, said Hur Sung Duck, an analyst at HI Investment & Securities Co. in Seoul.
[quote]“That’s a huge jump for a country that builds mostly bulk ships” Hur said. “I seriously find it difficult to believe it can be built by that time.”[/quote]Palmer on the other hand has absolute faith in the Chinese’s ability to build cruise ships, and has invited the Chinese navy to sail with Titanic II on its maiden voyage.
“The Chinese are renowned for building commercial cargo and container ships. China currently produces around two to three per cent of the world’s luxury ships but is looking to challenge the Europeans who have around 75 per cent of this market,” said Palmer to the Financial Times.
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“Titanic II will be the ultimate in comfort and luxury with on-board gymnasiums and swimming pools, libraries, high class restaurants and luxury cabins.”
[quote]“The Chinese ship-building industry with our assistance wants to be a major player in this market,” Palmer said.[/quote]When asked if Titanic II could meet the same fate as its predecessor, Palmer told reporters: “Of course it will sink if you put a hole in it.”
He added: “Of course, if you are superstitious … you never know what could happen.”
