BUSINESS - Inland Water Transport to build new ships as competition heats up

State-owned Inland Water Transport (IWT) plans to build 37 new passenger boats to compete with faster ships operated by rival private companies. IWT has lost market share to private rivals because it’s still using slow-moving ships built during the colonial era. IWT has been operating at a loss for decades, relying on government subsidies to keep prices low for passengers. However, now IWT is coming under pressure to transition into a more profit-oriented company.