HAFN vs ZIM: Hafnia Limited and ZIM Integrated Shipping Services 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 ZIM Integrated Shipping Services.
- Hafnia Limited grew revenue faster over the last year (+7.4% vs -18.1%).
- Hafnia Limited keeps more of each dollar of revenue as operating profit (28.1% vs 14.7%).
- On earnings, Hafnia Limited is the cheaper stock (7.1x vs 7.5x).
- Hafnia Limited's price assumes faster free cash flow growth: about -12% a year, against -33% for ZIM Integrated Shipping Services (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | HAFN | ZIM |
|---|---|---|
| Market cap | $5.4B | $3.5B |
| Share price | $10.72 | $29.99 |
| Revenue (last fiscal year) | $2.9B | $6.9B |
| Free cash flow (last fiscal year) | $981M | $2.1B |
| Revenue growth, last year | +7.4% | -18.1% |
| Revenue growth per year, last 5 fiscal years | +22.0% | -10.4% |
| Operating margin | 28.1% | 14.7% |
| Net margin | 27.0% | 6.9% |
| Return on equity | 33.6% | 11.9% |
| P/E (trailing) | 7.15x | 7.54x |
| Price / free cash flow | 13.2x | 2.20x |
| EV / EBITDA | 9.29x | 3.05x |
| FCF growth the price implies | -12.4% | -33.2% |
| Dividend yield | 5.0% | 4.2% |
| Debt / equity | 0.60x | 1.74x |
| Fundamental grade | B | C |
| Superinvestors holding it | 2 | 0 |
| 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.
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% |
ZIM Integrated Shipping Services
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $10.7B | $5.0B | 54.2% |
| 2022 | $12.6B | $5.8B | 48.8% |
| 2023 | $5.2B | $904M | -48.6% |
| 2024 | $8.4B | $3.5B | 30.0% |
| 2025 | $6.9B | $2.1B | 14.7% |
Where the revenue comes from
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%
ZIM Integrated Shipping Services · by products, 2022
Shipping$12.4B99%
Other Services$170M1%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open HAFN in InvestinglyQuestions
Which is bigger, Hafnia Limited or ZIM Integrated Shipping Services?
Hafnia Limited (HAFN), at $5.4B against $3.5B.
Is HAFN or ZIM cheaper?
By trailing P/E, Hafnia Limited (7.15x) is cheaper than ZIM Integrated Shipping Services (7.54x). A lower multiple can also mean the market expects less growth.
Which grows faster, HAFN or ZIM?
Hafnia Limited: revenue grew +7.4% over the last year, against -18.1%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.