Seven Yield locks in $700m backlog with Chinese car carrier charters
Luxembourg-based owner secures five-year deals for two LNG-powered 7,500-ceu vessels starting 2027 and 2028.
Luxembourg-based shipowner Seven Yield has locked in long-term contracts for two of its liquefied natural gas-powered car carriers, ensuring employment for the vessels well into the next decade. The five-year time charters were secured with an undisclosed major Chinese automobile manufacturer.
The agreements cover the Siem Confucius and Siem Aristotle, sister ships built in 2020 with a capacity of 7,500 car equivalent units each. The new charters will commence in 2027 and 2028, respectively, providing Seven Yield with a stable revenue stream for years to come. Neither the identity of the Chinese carmaker nor the financial terms of the deals have been revealed.
Pioneering vessels with green credentials: Seven Yield
These ships hold historical significance in maritime transport. When launched, they became the world’s first deep-sea car carriers equipped with LNG dual-fuel propulsion systems. Each vessel measures roughly 200 metres in length and 38 metres in breadth, designed to meet the evolving demands of global vehicle logistics.
Natural Gas
The Siem Confucius and Siem Aristotle originally entered service in 2020 under a collaborative arrangement involving Seven Yield, Siem Car Carriers, and German automaker Volkswagen. They replaced older, conventionally fuelled ships in Volkswagen’s transatlantic distribution network, marking a shift toward more sustainable maritime operations.
Growing demand for dedicated shipping capacity
Seven Yield manages a diverse fleet of 18 vessels, including eight car carriers, six roll-on/roll-off ships, two bulk carriers, and two additional vessels. The company’s latest financial disclosures from September reported a $700 million contracted revenue backlog, highlighting the scale of its operations.
The new charters reflect a broader trend among Chinese vehicle manufacturers seeking greater control over their shipping logistics. Companies like BYD have been actively expanding their dedicated car-carrier fleets to support international growth, though specific contractual details often remain confidential.
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