Media: Türkiye’s Istanbul Canal seen as new revenue route

Interest in Türkiye’s planned Istanbul Canal project is gaining renewed attention amid rising tensions around the Strait of Hormuz, according to Spanish outlet Okdiario.

The proposed canal, designed as an alternative route between the Black Sea and the Sea of Marmara, would run parallel to the Bosphorus and is expected to handle up to 160 vessels per day. Turkish authorities have said the project could generate transit revenues similar to those earned from the Suez and Panama canals.

The total cost of the project is estimated at approximately 23 billion euros, including around 13.8 billion euros for construction and 9.2 billion euros for the development of adjacent areas. President Recep Tayyip Erdoğan has previously described the canal as a strategic initiative, highlighting its role in reducing congestion in the Bosphorus and improving maritime safety.

Under the United Nations Convention on the Law of the Sea, transit through natural straits cannot be subject to fees, while artificial waterways may impose charges. This has positioned the Istanbul Canal as a potential mechanism for Türkiye to introduce transit tolls.

The project envisions a canal approximately 25 meters deep and up to 1,000 meters wide, running along the Küçükçekmece–Sazlıdere–Durusu route.

Interest in the project has grown amid instability in the Strait of Hormuz — a key global oil transit route — and reports of shipping restrictions in the region.

By Tamilla Hasanova