Kochi Water Metro, India's pioneering integrated water transport system, celebrated its third anniversary on Saturday, marking a milestone of 6.5 million passengers since its inauguration. While the project has successfully transformed backwater commuting, it remains in a race against time to achieve financial breakeven amid infrastructure hurdles and vessel shortages.
Financial Performance
Despite being "in the red" since its launch on April 26, 2023, Water Metro is narrowing its losses. Financial reports indicate a net loss of Rs 30.26 lakh in FY 2023-24, which was slashed to Rs 19.22 lakh in FY 2024-25. However, its target to achieve a financial breakeven by June now appears far-fetched.
"We could achieve the breakeven when the average daily ridership touches 8,000 which can be possible only with the launch of services in new routes like High Court-Kadamakkudy," a senior official said. Presently, daily ridership is in the 7,000s. Daily revenue has crossed Rs 2.5 lakh with the commencement of the Mattancherry route.
Infrastructure Challenges
However, the planned expansion into the Kadamakkudy island cluster has faced "indefinite" delays. Silt deposits at multiple locations along the High Court-Kadamakkudy stretch have rendered the water too shallow for electric vessels. "We need to carry out dredging, but a definitive timeline can't be committed as the spots need to be identified," the official added.
Cochin Shipyard is yet to deliver three of 23 vessels originally ordered. "Tendering process for acquiring new vessels will be initiated once the model code of conduct ends," the official added.
Preserving Heritage
To preserve local heritage, the proposed route to Kadamakkudy will take a detour via Vypin or Vallarpadam to protect 40 traditional Chinese fishing nets. Consequently, KMRL plans to launch this stretch as a demand-based tourist service rather than a high-frequency commuter corridor.
Future Outlook
Financed largely by the German bank KfW, the Rs 1,136-crore project eventually aims to deploy 78 boats across 38 jetties. Even at 25% of its planned capacity, Kochi Water Metro has already achieved half of its projected ridership.
