Hi ! Yes you are right this is another route you can use to Hurghada,i havan't used it but my friend has as we both have villas in Hurghada. There is two ferries a day one in the morning which takes about 6 hours and the other one is at around 5.30pm and only takes under 2 hours , so even if you have to stay one night in Sharm it sometimes works out much cheaper . There are different charges for nationals and Non-nationals
You can find out all the info and timetable/charges on the internet just type in ferries from Sharm-El-Sheik and there is a lot of info!!! Hope this helps Kjb...
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