The boat was allowed to be released on conditions including execution of bond for Rs 15 lakh by the owner and two personal guarantees of Rs 30 lakh.
The boat, St Antony, has been detained at the Coastal Police station at Neendakara near here since February 15, when the two local fishermen fishing from it were shot dead by marines aboard the Italian ship Enrica Lexie.
Granting the plea of the boat owner Freddy, Chief Judicial Magistrate A K Gopakumar directed the Coastal Police to release the boat on compliance of the conditions.
The owner was also asked to produce the boat before the Circle Inspector of the Coastal Police station at Neendakara once every two weeks and not to tamper with the evidences on it like the gun shot mark.
If any maintenance had to be carried out on the boat, it should be done only with the concurrence of the police.
The court order comes five days after the Italian ship was allowed to sail off Kochi, where it had been detained since the incident.