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Palmer and the shipping company Blue Star Line have designed the ship to exactly resemble the original, which sank after colliding with an iceberg in 1912 during its first cruise.
While it doesn't deviate from the original visually, Titanic II will be 4 meters wider than the original and have a welded hull in keeping with modern safety standards.
"The new Titanic will of course have modern evacuation procedures, satellite controls, digital navigation and radar systems and all those things you'd expect on a 21st century ship," Blue Star Line global marketing director James McDonald told the Belfast Telegraph.
The ship's maiden voyage will depart from Jiangsu, China, for Dubai and will carry 2,400 passengers and 900 crew members on the nine-floor, 840-cabin vessel.
Three tiers of tickets will be offered, as they were on the original Titanic, including first-, second- and third-class tickets. Blue Star Line has reported offers as high as $928,76 for a chance to sail on the ship.