Seven Yield secures Chinese charter deal for car carrier pair

Luxembourg-incorporated shipowner Seven Yield has secured five-year time charters for two LNG-powered car carriers with a major Chinese automobile manufacturer, extending employment for the vessels into the next decade.

The agreements cover the 2020-built, 7,500 ceu sisterships Siem Confucius and Siem Aristotle, with the new charters scheduled to start in 2027 and 2028, respectively.

Seven Yield has not identified the carmaker or disclosed the charter rates and overall contract value.

The two vessels were the world’s first deepsea car carriers fitted with LNG dual-fuel propulsion. Measuring approximately 200 m in length and 38 m in breadth, they were originally developed to serve German carmaker Volkswagen’s international vehicle distribution operations.

The ships entered service in 2020 under arrangements involving Seven Yield, Siem Car Carriers and Volkswagen, replacing conventionally fuelled vessels on the manufacturer’s transatlantic logistics network.

The latest charter agreements will give Seven Yield another five years of contracted employment for each ship.

The company operates a diversified maritime leasing portfolio of 18 vessels, including eight car carriers, six roros, two bulk carriers and two other vessels. Its most recent published portfolio figures from September showed approximately $700m in contracted revenue backlog.

The fixtures come as Chinese vehicle manufacturers increasingly seek greater control over their overseas shipping arrangements.BYD, in particular, has been building up dedicated car-carrier capacity to support its international expansion. The company recently confirmed that it had secured another 10 vessels, although their contractual arrangements have not been fully disclosed.

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