The replica project was originally announced in 2012, with a cruise from Dubai planned for 2018.
Blue Star Line says the Titanic II will sail from Dubai to Southampton, England, and then to NY. Also, it will trace the precise route of the original ship.
Mr Palmer added: "Blue Star Line will create an authentic Titanic experience, providing passengers with a ship that has the same interiors and cabin layout as the original vessel, while integrating modern safety procedures, navigation methods and 21st century technology to produce the highest level of luxurious comfort".
Titanic II will carry nearly the exact same number of passengers as the original ship, 2,400 people (2,435 in 1912).
RMS Titanic sank in the early morning of April 15, 1912, in the North Atlantic, four days into the ship's maiden voyage.
Plans for the ship have it not only retracing the original Titanic's Southampton to NY route, but also doing global sailings, Palmer said. (We might as well recreate the Hindenburg.) But, like most stupid ideas, it caused people on Twitter to make some good jokes, particularly in response to tweets from TIME and USA Today about the announcement.
"Titanic II has captured the world's imagination since [chairman Clive Palmer] announced that his shipping company, Blue Star Line, would recreate the famous ship in honour of the 100 year anniversary of the launch and untimely fate of The Titanic", reads a statement on the company's official website.
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