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Ship cash buyer GMS said in its latest weekly report that the Indian subcontinent market remains at a slump as the old year ends and the new year begins. Although the price of ship breaking is still firm, reaching above USD 500/ton (historical average price is about USD 350/ton), the market sentiment in various places is still unstable. Bangladesh is facing a continuous financial crisis, and only a very small number of Bangladeshi buyers with private financing and long-term letters of credit are able to purchase ships to be demolished. Many shipbreaking yards are on the sidelines due to price uncertainty.

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