ECO vs HAFN: Okeanis Eco Tankers and Hafnia Limited compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Hafnia Limited is the larger company, worth $5.4B, about 1.5 times Okeanis Eco Tankers.
- Hafnia Limited grew revenue faster over the last year (+7.4% vs -0.4%).
- Okeanis Eco Tankers keeps more of each dollar of revenue as operating profit (41.5% vs 28.1%).
- On earnings, Hafnia Limited is the cheaper stock (7.1x vs 24.7x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | ECO | HAFN |
|---|---|---|
| Market cap | $3.7B | $5.4B |
| Share price | $93.11 | $10.72 |
| Revenue (last fiscal year) | $392M | $2.9B |
| Free cash flow (last fiscal year) | — | $981M |
| Revenue growth, last year | -0.4% | +7.4% |
| Revenue growth per year, last 5 fiscal years | +23.4% | +22.0% |
| Operating margin | 41.5% | 28.1% |
| Net margin | 31.4% | 27.0% |
| Return on equity | 21.4% | 33.6% |
| P/E (trailing) | 24.7x | 7.15x |
| Price / free cash flow | 51.8x | 13.2x |
| EV / EBITDA | 13.0x | 9.29x |
| FCF growth the price implies | — | -12.4% |
| Dividend yield | — | 5.0% |
| Debt / equity | 1.09x | 0.60x |
| Fundamental grade | C | B |
| Superinvestors holding it | 0 | 2 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Okeanis Eco Tankers
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $169M | — | 18.9% |
| 2022 | $271M | — | 40.6% |
| 2023 | $413M | — | 48.7% |
| 2024 | $393M | — | 41.4% |
| 2025 | $392M | — | 41.5% |
Hafnia Limited
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $1.9B | $324M | 42.7% |
| 2023 | $2.7B | $876M | 32.1% |
| 2024 | $2.9B | $981M | 28.1% |
Where the revenue comes from
Okeanis Eco Tankers · by products, 2025
Voyage Charter$384M98%
Time Charter$8M2%
Hafnia Limited · by products, 2025
Revenue from Voyage Charter$1.3B55%
External Vessels in Disponent-Owner Pools$860M38%
Lease Component$114M5%
Non Lease Component$55M2%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open ECO in InvestinglyQuestions
Which is bigger, Okeanis Eco Tankers or Hafnia Limited?
Hafnia Limited (HAFN), at $5.4B against $3.7B.
Is ECO or HAFN cheaper?
By trailing P/E, Hafnia Limited (7.15x) is cheaper than Okeanis Eco Tankers (24.7x). A lower multiple can also mean the market expects less growth.
Which grows faster, ECO or HAFN?
Hafnia Limited: revenue grew +7.4% over the last year, against -0.4%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.