Wrong On So Many Levels News of the day: Chinese navy asked to escort Titanic II

In addition to funding James Cameron’s Avatar II (here),  the Communist China's Navy is asked to escort Titanic II on its maiden voyage to New York by a Capitalist billionaire.  Is me or the world has gone mad?

Titanic II to Be Built by Billionaire Palmer, Chinese Yard
By Elisabeth Behrmann - Apr 29, 2012 5:46 PM PT

Australian billionaire Clive Palmer plans to build a 21st-century version of the Titanic with the help of a Chinese shipyard, with the cruise ship’s maiden voyage from England to North America scheduled in late 2016.

Palmer said he had invited the Chinese navy to escort Titanic II on its maiden voyage to New York, according to an e- mailed statement. The initial pact with China’s CSC Jinling Shipyard also includes plans for a fleet of luxury liners.
Enlarge image Titanic II to Be Built

The Titanic sits under scaffolding in the spring of 1911 in this photo made available to the media by the Library of Congress. Source: Library of Congress (George Grantham Bain Collection) via Bloomberg
Audio Download: Dr. Ballard Describes Discovering Sunken Titanic
Enlarge image Billionaire Clive Palmer

Clive Palmer, chairman of Mineralogy Pty. Photographer: Patrick Hamilton/Bloomberg

The original Titanic sank after hitting an iceberg in the Atlantic on April 15, 1912, costing the lives of 1,514 passengers and crew, according to the statement. Mining magnate Palmer, 58, has a fortune of A$5.05 billion ($5.3 billion) and was Australia’s fifth-richest person, according to BRW magazine estimates in May.

“It 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,” Palmer said. “The Chinese ship building industry with our assistance wants to be a major player in this market.”

The Titanic, commissioned by White Star Line, was the largest liner in the world when built at just under 270 meters (886 feet) and 53 meters high.

Palmer is developing coal and iron ore mines in Australia, including the $8 billion China First coal project in Queensland state. Last year, he dropped plans to sell shares in his company Resourcehouse Ltd. in Hong Kong after commodities prices fell.

To contact the reporter on this story: Elisabeth Behrmann in Sydney at ebehrmann1@bloomberg.net

To contact the editor responsible for this story: Rebecca Keenan at rkeenan5@bloomberg.net

Titanic II to Be Built by Billionaire Palmer, Chinese Yard - Bloomberg