Clive Palmer’s Titanic dream seems sunk

THIS was the year that flamboyant businessman Clive Palmer’s Titanic II was due to start its maiden voyage from England to New York, but this dream like his political career seems to have sunk.

Clive Palmer revealed plans to build a replica of the Titanic amid much fanfare in April 2012

THIS was the year flamboyant businessman Clive Palmer’s Titanic II was due to start its maiden voyage from England to New York, but this dream – like his political career – seems to have sunk.

The mining magnate-turned-politician, who announced this week he would not seek re-election in Fairfax, revealed plans to build a replica of the famous ship amid much fanfare in April 2012.

But in the past two years the project has stalled, with talk of a 2018 launch replaced with quips by Mr Palmer about retirement.

Documents published by Queensland Nickel’s administrator FTI Consulting reveal that Mr Palmer’s former company tipped almost $5.9 million into the project from 2012 until April 2014, when the cash slowed to a trickle.

While $1.9 million of that went to project management fees, another $3.3 million was spent on lavish marketing of the venture in the US and Britain.

In February 2013, Mr Palmer launched his plans on the USS Intrepid in New York with a six-star soiree.

Since April 20, 2014, the main costs from QN that went towards Titanic II were mostly for rent of offsite storage and IT related expenses.

Finnish company Deltamarin was commissioned to design Titanic II in June 2012, but by November 2014 it had ceased work on the project.

A Deltamarin spokeswoman said the company had finished its commissions with Blue Star Line, the Palmer company behind Titanic II.

China’s CSC Jinling Shipyard has not responded to requests for comment in the past fortnight.

But workers told The Australian newspaper last year that construction “had never launched” and they thought it was a “rumour”.

This week Mr Palmer said at a press conference he would have to ask his wife if he could pursue the project in retirement.