Titanic II blueprints unveiled (2)

Unlike the original, Titanic II will have more than enough space in its lifeboats for every person on board and will have additional escape staircases. Markku Kanerva, sales director at Deltamarin, the Finnish company designing the ship, said it would be the "safest cruise ship in the world."

Palmer declined to answer questions about the project's cost. Although the Titanic was the world's largest ship in her time, she would be smaller than many of today's modern cruise ships.

"It's not about the money," Palmer said. "I've got enough money for it, I think that's all that matters."

Forbes estimated Palmer's net worth to be $795 million in 2012. He describes himself as a billionaire.

Titanic II will be built by Chinese state-owned CSC Jinling Shipyard, which is already building four ore carriers for Palmer's mining business, he said. The contract to build Titanic II has not yet been signed, Palmer said.

"Oh, probably next week, something like that," Palmer said, when asked when that would happen. "Most things I say I'll do I do."

He hoped construction would begin later this year, and that the maiden voyage, recreating the trans-Atlantic crossing of the original, would take place in 2016, he said.

"But if it takes longer, it takes longer," he said. "But we'll do it. We've got a big pile of money."

Jaime Katz, an analyst who tracks the cruise industry, said Titanic II may find it difficult to compete with established cruise lines, particularly the economies of scale of their larger fleets. She said the Titanic II could be marketed to wealthier passengers and could draw repeat business by varying its routes rather than focusing on trans-Atlantic crossings.