The subcontinent ship recycling markets are grappling with stagnant pricing, remaining in the low 500s/LDT, and even dropping below for certain units. Despite the approach of the year-end, there is little incentive for owners or cash buyers to engage in significant transactions. Issues with letters of credit (LCs) and financing are hampering the markets in Pakistan and Bangladesh, leading to tentative offers, particularly for smaller LDT vessels. Limited vessel supply from the container and dry bulk markets is impacting recycling activity, with only a few sales concluded recently. A notable development is the EU's consideration of adding select yards in Alang to the approved list of recycling facilities, a move with significant implications given the scarcity of approved EU facilities. Anticipation of a surge in recycling volumes over the next decade is underscored by BIMCO's projection of double the volumes compared to the previous 10 years. Additionally, Pakistan's readiness to ratify the Hong Kong Convention signals a significant step toward upgrading ship recycling facilities in line with improved standards in Alang and Chittagong. The announcement comes at a time when the industry expects robust sales in the coming years. The GMS demo rankings and pricing for week 47 of 2023 are also provided.