Survivors said up to 450 migrants had been crowded aboard the fishing trawler when it keeled over off the port city of Rosetta on September 14, including an estimated 100 in its hold.
The Egyptian military said 163 people had been rescued, meaning the boat would have had at least 365 people on board when it went down en route to Italy, according to official figures.
Today, divers and a salvage vessel belonging to a petroleum company pulled the trawler to the surface some 12 kilometres (eight miles) offshore.
Sixteen of the 33 bodies retrieved on today had been handed over to their relatives, while the rest were still being identified, said the health ministry.
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Today, police detained the owner of the vessel.
A judicial source said he could face charges of human trafficking and involuntary manslaughter.
The United Nations' refugee agency said Friday that most of those rescued were Egyptians but they also included migrants from Sudan, Eritrea, Syria and Ethiopians.
"Since 2014, there has been a steady increase in the number of interceptions of refugees and migrants trying to leave Egypt in an irregular manner," said the UNHCR.
The International Organisation for Migration said today that 3,501 migrants and refugees have died or gone missing trying to cross the Mediterranean so far this year.
The figure is almost six times that for the same period in 2015.
"At this rate, 2016 will be the deadliest year on record in the Mediterranean Sea," the UN refugee agency said late last week.
"Increasing mixed migration flows through Egypt are of major concern to UNHCR. The loss of life faced by refugees and migrants on Mediterranean smuggling routes has increased," said the UNHCR.