The New Poseidon Adventure

It is indeed currently being filmed, it stars the likes of Josh Lucas, Kurt Russell, Richard Dreyfuss and Emmy Rossum. The title is "Poseidon". It is being directed by Wolfgang Peterson, and is set for a mega blockbuster premiere in May 2006.

They are not publicising it much because they don't want to add to the press for the NBC remake. The NBC version is here: http://www.imdb.com/title/tt0419358/ It involves a terrorist act that capsizes the ship instead of a tidal wave, and the characters are, among others of course, a Dept of Homeland Security agent, as well as a reality tv show producer and an "pop idol" winner, all the while a terrorist is on the prowl. So much for a 'remake'. The big budget movie version supposedly stays truer to the original movie.