More exporters to use hedging in 2008

Following severe losses in 2007, due to the exchange rate, lack of skilled personnel and unfavorable weather, the Galati-based Damen shipyard, part of the Dutch company Dament,  plans to use hedging in 2008. "I will ask the Damen leadership in the to change the strategy. We have been working without the hedging and the currency exchange rate led to significant losses for us. This is not only a problem for Damen Galati, it has become a general issue for the industry," the shipyard's President, Gelu Stan, told Business Standard. Stan is also President of ANCONAV, the Romanian ship builders association. The shipyards in the ports of Tulcea and Braila, owned by Norwegian group Aker Yards, are also planning to use hedging, following significant losses last year.