An Australian billionaire has received mixed reactions from people across the world after announcing his detailed plans to build a replica of the Titanic. 

Clive Palmer, a real estate and coal magnate, revealed his vision at the Intrepid Sea, Air and Space Museum in New York in late February, reports ABC News. He said that he wants the vessel – named Titanic II – to feature the same design and facilities to ensure authenticity, but that he hopes to add modern features like WiFi and air conditioning. 

Launching in 2016, the boat, which will be built in the Jinling shipyard in China, will carry 2,600 passengers split up into first, second and third class. Though Palmer hasn't announced ticket prices yet, the source states that 40,000 people have already expressed interest in boarding the vessel, with some willing to pay up to $1 million for the experience. 

"This is about more than just building a ship. The Titanic is an ideal. It has come to symbolize the things that people have in common," Palmer said. "It's also a monument to all the people who left their homes in Europe to go to the United States with hopes and dreams and aspirations. It's a monument, too, to every seaman who left the British Isles to discover other countries."

The fate of the original Titanic, which sank after hitting an iceberg in April 1912, is known as one of the biggest tragedies in the 20th century, leaving approximately 1,500 people dead. Although Palmer expressed confidence that his updated version of the ship will be safe for passengers, the fact remains that there are numerous risks associated with taking a boat out on the water. With this in mind, many recreational and commercial watercraft owners turn to marine insurance agencies that can help them find the best rates and ensure that they are covered in the event of a maritime accident.

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