At that time, the organization functioned as a private enterprise under the name of Irrawaddy Flotilla Company Limited IFCL.

The IFCL was nationalized on June 1, 1948 after gaining independence from the British Colonial Rule.

Under the plan to practice new administrative order, 'Inland Water Transport Board' was renamed 'Inland Water Transport Corporation' on March 1, 1972.

The present name of 'Inland Water Transport (IWT)' has been used on April 1, 1989.