Answer the following question comprehensively.

1. In addition to forward hedge, money market hedge, option hedge explain non-hedging techniques for OSG to minimize transaction exposure

2. Describe FX risk of OSG Corporation based on page 6 of the case, Exhibits 5, 8 and 9. Assess potential for loss or gain.

3. Explain and assess OSG’s current policy. In the face of the appreciating yen, would you recommend any changes to policy? Why or why not?