# 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.*

**Published:** October 10, 2026  
**By:** Hyun-jung Lee  
**Section:** Shipbuilding & Defense — South Korea  
**Format:** Why It Matters  
**Confidence:** high  
**Source:** https://eastasiabrief.com/shipbuilding/hanwha-ocean-samsung-heavy-diverge-currency-hedging-630  
**Publisher:** East Asia Brief (https://eastasiabrief.com/)

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## What to know

- Dollar-won spot rate fell 12% to 1,358 won in September, squeezing unhedged shipbuilder delivery margins
- Samsung Heavy maintained 100% forward hedge coverage while Hanwha Ocean raised its ratio toward 70%
- Both shipbuilders report finalized third-quarter 2026 financial results before the Korea Exchange in late October 2026

![Shipyard workers wearing hard hats and safety vests inspect large commercial vessels under construction. (AI-generated image)](https://eastasiabrief.com/media/2026-10-09-460ad344657d.webp)
*Shipyard 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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Cite as: East Asia Brief, "Hanwha Ocean and Samsung Heavy diverge on currency hedging," October 10, 2026. https://eastasiabrief.com/shipbuilding/hanwha-ocean-samsung-heavy-diverge-currency-hedging-630