Plans are underway to build a 21st century version of the Titanic, more than a century after the ship sank in the icy waters of the North Atlantic.

Titanic II is the brainchild of Australian billionaire Clive Palmer, who wants to build a passenger cruise line with Titanic replicas.

Palmer unveiled blueprints for the Titanic II in New York earlier this week and was supposed to attend a gala breakfast at a Halifax hotel this morning.

However, he is scheduled to attend an unveiling in London tomorrow and decided not to fly over concerns of getting stuck in Halifax due to weather.

Former prime minister Kim Campbell and Halifax Mayor Mike Savage attended the event, which went ahead without Palmer.

“It’s important that the project has recognized the role of Halifax in the whole saga of the Titanic,” says Campbell, who is a friend of Palmer’s and was personally invited to attend today’s announcement.

“It was a sad role, but a very important role of Halifax’s memory.”

Palmer’s Blue Star Line wants to have the replica ship dock in Halifax, where more than 100 Titanic victims are buried.

“Halifax played an important role in the Titanic story, and what we are doing is finishing a journey for people who weren’t able to finish it, and paying respect to those people who are here, so there was no option for us not to be here,” says Blue Star Line spokesperson James McDonald.

“The Titanic will stop in Halifax. We just have to make sure, or try to make sure, that stop is often,” says Economic and Rural Development and Tourism Minister Percy Paris.

However, Dan Conlin, an historian at the Maritime Museum of the Atlantic, says the tragedy of the sinking shouldn’t be overshadowed by the spotlight of a second sailing.

“We see Titanic as a historical tragedy but we are also conscious that not everyone sees it that way,” he says. “For many people the Titanic is a popular culture icon.”

The event held in Halifax today was one in a series of global events heralding the return of the Titanic, which is to be built in China.

Passengers can expect different class offerings and similar food samplings with a modern-day twist.

Previous attempts to replicate the Titanic have been unsuccessful but Palmer hopes to succeed where others have failed.

During his appearance in New York on Wednesday, Palmer said 40,000 people had registered for tickets so far.

Palmer hopes the Titanic II will set sail on its maiden voyage in late 2016, successfully completing the journey from Southampton to New York.

With files from CV Atlantic's Kelland Sundahl