Hanwha Ocean and Samsung Heavy diverge on currency hedging
A 12% rebound in the South Korean won exposes unhedged shipbuilder order books, contrasting Samsung Heavy's locked-in cash flows with Hanwha Ocean's shifting foreign-exchange stance.
HLBy Hyun-jung Lee, Korea correspondent, shipbuilding and defense··Updated October 9, 2026·3 min read
ShareLinkedInXWhatsAppEmailShipyard workers wearing hard hats and safety vests inspect large commercial vessels under construction. (AI-generated image)
South Korea's top commercial shipbuilders faced sharp market scrutiny on Oct. 9, 2026, as contrasting foreign-exchange hedging policies divided earnings expectations between Hanwha Ocean and Samsung Heavy Industries.
The South Korean won gained 12% against the dollar between June and September, shifting the quarterly average exchange rate from 1,502 won to 1,418 won. That decline reduced the local-currency value of unhedged export contracts across the sector.
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Korea correspondent, shipbuilding and defense — Hyun-jung Lee reports on Korean yards, order books and naval programs, and on the defense export contracts that increasingly sit alongside them.
