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The boat reportedly had around 750 onboard when it capsized in the open sea. At least 104 were rescued.
At least 70 died in the shipwreck off Italy's Calabrian coast.
The wooden sailing boat crashed against rocks and sank.
According to the survivor, the ship lost an engine before it was hit by a wave and capsized, a coastguard spokeswoman said.
Four Indian sailors, including a Malayali - Ashish Ashok Nair – were rescued by the authorities.