BIWTC Posts Losses For 5 Straight Years Since Padma Bridge Opening

(MENAFN- Bangladesh Monitor) Dhaka: The Bangladesh Inland Water Transport Corporation (BIWTC) has run at a loss for five consecutive fiscal years, with the state-owned company blaming the opening of the Padma Bridge for its financial decline.

The details emerged in a report the corporation submitted to the Parliamentary Standing Committee on the Ministry of Shipping at a meeting earlier this month.

BIWTC was established in 1972 by merging one government entity and nine private organizations, starting with a fleet of 608 vessels. It operates passenger and cargo ships, runs key ferry routes, and maintains a ship repair unit.

The corporation's last profitable year was 2020-21, when it made a profit of nearly BDT 21 crore. It has not returned to profitability since.

The Padma Bridge opened on June 25, 2022, and vehicles began crossing the next day. The Mawa-Kathalbari ferry route has remained shut since then, while earnings from several other routes have also fallen.

According to the report, BIWTC lost BDT 2.27 crore in 2021-22, when it earned BDT 438.59 crore and spent BDT 440.86 crore. Losses widened to BDT 39.80 crore in 2022-23 and BDT 42.20 crore in 2023-24.

In 2024-25, the corporation earned BDT 319.50 crore against expenditure of BDT 347.64 crore, recording a loss of BDT 28.14 crore. For 2025-26, it reported unaudited revenue of BDT 328.40 crore and expenditure of BDT 352.96 crore, a loss of BDT 24.56 crore.

Its cumulative losses over the five years exceed BDT 137 crore.

The corporation owes BDT 717 crore to the government and must deposit BDT 15 crore annually as debt servicing liabilities. BIWTC said its capacity to repay the installments has weakened since the bridge opened.

Over the five years, ferry routes carried more than 11.6 million vehicles. The Paturia-Daulatdia route generated about BDT 881.13 crore, the highest among the routes listed.

To boost revenue, BIWTC launched a ferry service between Kachpur in Narayanganj and Ilisha in Bhola on September 3. It also presented plans for 15 projects to the committee.

Meanwhile, four passenger vessels are being converted into floating hospitals, and another has become a floating restaurant. Only one of the four historic paddle steamers remains in operation.

Some committee members questioned whether the bridge was the sole cause of the losses, noting past allegations of irregularities and corruption at the corporation.

Committee Chairman Jainul Abdin Faruk said a subcommittee headed by lawmaker Hafiz Ibrahim has been formed to examine the performance of organizations under the ministry over a 180-day period and recommend remedies. It has been asked to submit its report within two months.

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