Aussie billionaire to replicate Titanic: I "hunger" for 3rd class

In this rendering provided by Blue Star Line, the Titanic II is shown cruising at sea. The ship, which Australian billionaire Clive Palmer is planning to build in China, is scheduled to sail in 2016. Palmer said his ambitious plans to launch a copy of the Titanic and sail her across the Atlantic would be a tribute to those who built and backed the original. (AP Photo/Blue Star Line)

(CBS News) Australian billionaire Clive Palmer unveiled plans Tuesday to build a replica of the Titanic.

The legendary ocean liner sank more than a century ago, claiming 1,500 lives.

Aussie billionaire launches plans for Titanic replica

"Titanic II" will look just like the original, right down to the dinner menus and costumes. But the new ship will have one significant difference: it will sail with modern safety and navigation equipment.

Its maiden voyage of is set for 2016.

CBS News' Elaine Quijano spoke with Palmer in New York recently about his vision for the ship. Palmer said, "It's about people all across the world their concept of what Titanic means to them -- the experience of respect, of love, and of a different time, perhaps -- where women were treated differently by men -- maybe it was before things happened in the 70s."

Asked if this qualifies as a luxury experience, Palmer said, "Depends what class you're in, I guess. We've got first, second, and third class. And for me, it's a luxury to sit in third class, to have some Irish stew, to jig around at night. I can never do that. I'm always traveling first class everywhere, so I want that experience. I hunger for that experience."

Watch the video above for a look at the plans and Palmer's talk about his vision for the ship.