Beijing, May 2 - A Chinese shipyard is planning to build a replica of the Titanic that sank in the Atlantic in 1912 with more than 1,500 people on board. The accident was immortalized in a movie by the same name with Leonardo diCaprio and Kate Winslet starring in leading roles.

The Jinling Shipyard in Nanjing, operated by China's Sinotrans and CSC Holdings Co. Ltd., signed an agreement with Australian billionaire Clive Palmer April 20 to build the ship, China Daily reported Wednesday.

Budget and design details are yet to be decided. The ship's maiden voyage, the original ship's planned route from England to New York, is scheduled for late 2016.

More than 1,500 people perished after the Titanic sank April 15, 1912 after hiting an iceberg on its first voyage, from Southampton to New York.

The Jinling Shipyard has about 3,000 staff and has built ships for clients in the US, Canada, Britain, Germany, Japan and Singapore.