Replica of the Titanic will set sail in 2022

(A screenshot from the movie "Titanic")

The doomed Titanic is getting a sequel - and this time around the boat will hopefully fare as well in the sea as the movie did in the box office.

A full-sized replica of the famous ship is scheduled to set sail in 2022, retracing the same route during which 1,500 people lost their lives after the Titanic hit an iceberg.

The Titanic II has been in the works since 2012, when the plan was first announced by Australian business tycoon Clive Palmer.

And on Monday Palmer revealed that construction of the $500 million replica has recently resumed after an ongoing financial dispute.

The Titanic II will feature the exact same cabin layout as its predecessor, attempting to replicate the original 1912 ship's overall aesthetic feel.

There will be cabins separated from first to third class, formal dining rooms, a smoke room, a Turkish bath, and the grand staircase that was made famous in the film as Kate Winslet's Rose descended to meet Leonardo DiCaprio's Jack.

The Titanic II will also carry almost exactly the same number of passengers - 2,400 - and crew members - 900 - as the original ship.

But have no fear, there will be no fighting for space on wooden planks.

The original Titanic was hailed as the 'unsinkable' ocean liner - and the largest in the world - when it set sail on April 10, 1912. It crashed five days later.

Although there were 2,224 passengers and crew members, the boat only had around 1,178 lifeboat seats.

This time around, the Titanic II will be equipped with 18 fully-enclosed motor-driven lifeboats, each with the capacity to fit up to 250 people.

It will also feature a modern diesel engine, more modern third-class cabins, and modern safety and maritime navigation features, according to the New York Times.

The ship is expected to set sail first from Dubai to Southampton in the UK, where it will then trace the Titanic's original route to New York.

'The ship will follow the original journey, carrying passengers from Southampton to New York,' Clive Palmer said on Monday.

'But she will also circumnavigate the globe, inspiring and enchanting people while attracting unrivaled attention, intrigue, and mystery in every port she visits.'

After its two-week maiden voyage is completed, the Titanic II is expected to embark on other routes across the world. Exact sail dates have yet to be confirmed.

It also remains unknown when tickets will be available or what their prices will be.

Blue Star Line, the cruise ship company headed by Palmer and behind the project, has previously boasted offers of more than $1million to travel on Titanic II.

It also claimed to have received thousands of inquiries regarding tickets.

The Titanic II had originally planned to set sail in 2016.

But Palmer, a mining mogul, suspended the plan in 2015 after his company became embroiled in an unrelated payment dispute with Chinese company Citic over an iron ore project.

An Australian court ruled last year that Citic needed to pay Palmer's company millions in royalties from the project.

It was a decision that Palmer credits with inspiring him to renew the Titanic II project.

Palmer also revealed on Monday that the Titanic II European headquarters will be moved to Paris instead of London as a Brexit deal between the UK and EU becomes increasingly unlikely.

'It is of little use having a European headquarters outside Europe,' he said in a statement.