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  Most shipbuilding companies were in the red at the third quarter this year. It is burdened for the shipbuilding industry to overcome three problems, the stock pile with low purchase order, soaring raw material price and appreciating Korean won against U.S dollars.
  It is caused by time lag which the shipbuilding needs at least two years to complete the procedure after they got customer"s orders. Because they export most products their profits are affected from foreign exchange rate due to a time difference between order and completion of shipbuilding.
  There will be no problem if they have covered their holding exposure for foreign exchange rate with financial derivatives such as forwards, futures, currency option, currency swap.
  Main shipbuilding companies in Korea, herein Samsung Heavy Industries co. Ltd, Daewoo Shipbuilding & Marine Engineering co. Ltd, Hyundai Heavy Industries co. Ltd, however, have covered only 30%, 48%, 2% out of total quantity of customer"s orders respectively. They just put into the first step of foreign exchange risk management consisted of forwards. It is expected that main shipbuilding companies should establish best practices on foreign exchange risk management with level of standardized suggestion.
  For the purpose of this study, first, I stress on providing main shipbuilding companies with some tips on managing foreign exchange risk management. Second, with this result desirable renovation on foreign exchange risk management for them let national banks run sound business on examining credit facility.

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