As Turkey advances its €20 billion Istanbul Canal megaproject, European countries are increasingly discussing the prospect of a toll-based maritime route similar to the Suez Canal, Business Insider Africa reports. The new canal is intended to connect the Black Sea and the Sea of Marmara, running parallel to the Bosphorus, allowing for the regulation of ship transit through controlled infrastructure.
The project envisages the possibility of collecting tolls for ship passage, which is impossible to achieve with natural straits under current international law. The future canal’s capacity is estimated at approximately 160 ships per year, with approximately €12 billion planned for construction and another €8 billion for associated infrastructure. Completion of the project is expected by 2027.
The initiative fits into a general trend of growing interest in toll waterways, fueled by the high revenues of existing canals: the Suez Canal generated approximately $40 billion from 2019 to 2024, and its revenue reached $449 million at the beginning of 2026, with potential growth to nearly $11.9 billion by the end of the decade. Geopolitical risks in the Strait of Hormuz, where potential transit fees of up to $2 million per vessel are also being discussed, are cited as an additional pressure on shipping.