Seven Yield Signs Five-Year Charters with Chinese Automaker for Two LNG-Powered PCTCs

The Luxembourg-based maritime leasing company Seven Yield secured five-year time charter contracts with a major Chinese automaker for two of its pure car and truck carriers (PCTC). These are the PCTCs Siem Confucius and Siem Aristotle, which will be delivered into their new charters in 2027 and 2028, respectively, securing employment for each vessel for another five years.

Both sister vessels were built in 2020 and were the world's first deep-sea pure car carriers fitted with dual-fuel LNG propulsion. Each has a capacity of 7,500 car equivalent units (ceu) and measures approximately 200 meters in length by 38 meters in beam.

The vessels entered service in 2020 under agreements involving Seven Yield, Siem Car Carriers, and the German automaker Volkswagen, for which they were originally developed to replace conventional-fuel vessels in the company's transatlantic vehicle distribution network.

Seven Yield did not disclose the identity of the Chinese manufacturer or the charter rates and total contract value. The company operates a diversified fleet of 18 vessels, including eight car carriers, six ro-ros, two bulk carriers, and two other-type units, with a contracted revenue backlog of approximately $700 million according to its latest figures published in September. The agreements come as Chinese vehicle manufacturers seek greater control over their international shipping operations, led by BYD after securing another 10 vessels whose contract terms were not fully disclosed.