UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 10-Q



     [x ] Quarterly  Report  Pursuant  to Section 13 or 15(d) of the  Securities
Exchange Act of 1934

For the quarterly period ended                June 30, 2004
                              --------------------------------------------------

     [ ]  Transition  Report  Pursuant to Section 13 or 15(d) of the  Securities
Exchange Act of 1934

for the transition period from _____________________ to ________________________

Commission File Number                               33-94458
                      ----------------------------------------------------------

                       ICON Cash Flow Partners L.P. Seven
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)


         Delaware                                             13-3835387
--------------------------------------------------------------------------------
(State or other jurisdiction of                               (IRS Employer
incorporation or organization)                            Identification Number)


  100 Fifth Avenue, New York, New York                         10011-1505
--------------------------------------------------------------------------------
  (Address of principal executive offices)                     (Zip code)


                                 (212) 418-4700
--------------------------------------------------------------------------------
               Registrant's telephone number, including area code



Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. [x] Yes [ ] No

Indicate  by check mark  whether  the  registrant  is an  accelerated  filer (as
defined in Exchange Act Rule 12b-2). [ ] Yes [x] No

<PAGE>

PART I - FINANCIAL INFORMATION
Item 1.  Financial Statements

                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware Limited Partnership)

                      Condensed Consolidated Balance Sheets


<TABLE>
<CAPTION>

                                                          (unaudited)
                                                           June 30,         December 31,
                                                             2004               2003
                                                             ----               ----


         Assets
         ------

<S>                                                   <C>                <C>
Cash and cash equivalents                             $         696,087  $        301,256
                                                      -----------------  ----------------

Investment in finance leases
   Minimum rents receivable                                     481,906           904,811
   Estimated unguaranteed residual values                       815,902         1,188,402
   Initial direct costs, net                                     -                  1,299
   Unearned income                                              (36,356)          (55,036)
   Allowance for doubtful accounts                              (86,631)         (239,516)
                                                      -----------------   ---------------

                                                              1,174,821         1,799,960
                                                      -----------------   ---------------

Investment in operating leases
   Equipment at cost                                          2,565,000         6,352,370
   Accumulated depreciation                                    (555,540)       (1,614,224)
                                                      -----------------   ---------------

                                                              2,009,460         4,738,146
                                                      -----------------   ---------------

Equipment held for sale or lease, net                         8,240,738        15,569,831
                                                      -----------------   ---------------

Net investment in leveraged lease                            10,336,317        19,631,879
                                                      -----------------   ---------------

Investment in estimated unguaranteed residual values          4,686,758         4,686,758
                                                      -----------------   ---------------

Investments in unconsolidated joint ventures                  3,830,488         4,000,169
                                                      -----------------   ---------------

Due from affiliates                                             405,477           369,071
                                                      -----------------  ----------------

Other assets, net                                               663,132           966,486
                                                      -----------------  ----------------

Total assets                                          $      32,043,278  $     52,063,556
                                                      =================  ================


</TABLE>





                                                        (continued on next page)
<PAGE>

                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware Limited Partnership)

                Condensed Consolidated Balance Sheets - Continued


<TABLE>
<CAPTION>

                                                              (unaudited)
                                                               June 30,          December 31,
                                                                 2004                2003
                                                                 ----                ----


         Liabilities and Partners' Equity

<S>                                                       <C>                 <C>
Notes payable - non-recourse                              $       9,709,125   $     22,129,648
Notes and accrued interest payable - recourse                    13,514,713         14,027,055
Due to General Partner and affiliates, net                          136,311             51,522
Security deposits, deferred credits and other payables              435,621            429,127
Minority interest in consolidated joint venture                      20,093             22,871
                                                           ----------------   ----------------

      Total liabilities                                          23,815,863         36,660,223
                                                           ----------------   ----------------

Commitments and Contingencies

Partners' equity (deficiency)
   General Partner                                                 (766,632)          (694,873)
   Limited Partners (987,548 units outstanding,
     $100 per unit original issue price)                          8,994,047         16,098,206
                                                           ----------------   ----------------

     Total partners' equity                                       8,227,415         15,403,333
                                                           ----------------   ----------------

Total liabilities and partners' equity                    $      32,043,278   $     52,063,556
                                                           ================   ================



</TABLE>










See accompanying notes to condensed consolidated financial statements.

<PAGE>

                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware Limited Partnership)

                 Condensed Consolidated Statements of Operations

                                   (unaudited)



<TABLE>
<CAPTION>

                                                           For the Three Months          For the Six Months
                                                              Ended June 30,               Ended June 30,
                                                           2004           2003          2004           2003
                                                           ----           ----          ----           ----

<S>                                                   <C>            <C>            <C>            <C>
Revenues
   Finance income                                     $      3,837   $      15,186  $       7,685  $      38,208
   Rental income                                           104,201         519,574        209,825        887,260
   Income from leveraged leases                            377,862         425,800      1,078,481      1,025,718
   Net gain on sales of equipment                           10,489          92,231         10,489        130,779
   Income from investments in
     unconsolidated joint ventures                         186,408         330,584        532,890        634,574
   Interest income and other                                32,365             260         32,770          2,590
                                                      ------------   -------------  -------------   ------------

   Total revenues                                          715,162       1,383,635      1,872,140      2,719,129
                                                      ------------   -------------  -------------   -------------

Expenses
   Provision for impairment loss                              -            350,000      4,700,000        700,000
   Depreciation expense                                    508,960       1,379,374      2,027,219      2,758,748
   Loss on lease termination                               622,872            -           622,872           -
   Interest                                                400,610         819,929        804,674      1,513,759
   General and administrative                              159,838         500,939        402,035        865,358
   Management fees - General Partner                         9,495          36,673        387,287        479,292
   Administrative expense reimbursements -
   General Partner                                         32,702          15,961        154,958        194,477
   Reversal of provision for doubtful accounts           (112,412)            -         (112,412)            -
   Amortization of initial direct costs                    31,384         (30,352)        62,768         98,328
   Minority interest in consolidated joint venture           (664)           -            (1,343)         1,183
                                                     -------------   -------------  -------------  -------------

   Total expenses                                        1,652,785       3,072,524      9,048,058      6,611,145
                                                     =============   =============  =============  =============

Net loss                                             $    (937,623)  $  (1,688,889) $  (7,175,918) $  (3,892,016)

Net loss allocable to:
   Limited Partners                                  $    (928,247)  $  (1,672,000) $  (7,104,159) $  (3,853,096)
   General Partner                                          (9,376)        (16,889)       (71,759)       (38,920)
                                                     --------------  -------------  -------------  -------------

                                                     $    (937,623)  $  (1,688,889) $  (7,175,918) $  (3,892,016)
                                                     =============   =============  ============== ==============

Weighted average number of limited
   partnership units outstanding                           987,548         987,548        987,548        987,548
                                                     =============   =============  =============  ==============

Net loss per weighted average
   limited partnership unit                          $       (0.94)  $      (1.69)  $       (7.19) $       (3.90)
                                                     =============   ============   =============  =============


</TABLE>



See accompanying notes to condensed consolidated financial statements.

<PAGE>

                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware Limited Partnership)

         Condensed Consolidated Statement of Changes in Partners' Equity

                     For the Six Months Ended June 30, 2004

                                   (unaudited)



                             Limited               General
                            Partners               Partner         Total
                            --------               -------         -----


Balance at
   January 1, 2004    $        16,098,206    $      (694,873)  $   15,403,333

Net loss                       (7,104,159)           (71,759)      (7,175,918)
                      -------------------    ---------------   --------------

Balance at
   June 30, 2004      $         8,994,047    $      (766,632)  $    8,227,415
                      -------------------    ---------------   --------------






























See accompanying notes to condensed consolidated financial statements.

<PAGE>

                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware Limited Partnership)

                 Condensed Consolidated Statements of Cash Flows

                        For the Six Months Ended June 30,

                                   (unaudited)

<TABLE>
<CAPTION>

                                                                                    2004                  2003
                                                                                    ----                  ----

<S>                                                                          <C>                 <C>
Cash flows from operating activities:
   Net loss                                                                  $     (7,175,918)   $    (3,892,016)
                                                                             ----------------    ---------------
   Adjustments to reconcile net loss to
     net cash used in operating activities:
       Rental income paid directly to lenders by lessees                                -               (674,894)
       Provision for impairment loss                                                4,700,000            700,000
       Reversal of provision for doubtful accounts                                   (112,412)             -
       Interest expense on non-recourse financing paid
         directly to lenders by lessees                                               391,890            979,521
       Loss on lease termination                                                      622,872                 -
       Amortization of initial direct costs                                            62,768             98,328
       Depreciation expense                                                         2,027,219          2,758,748
       Income from leveraged leases                                                (1,078,481)        (1,025,718)
       Income from investments in unconsolidated joint ventures                      (532,890)          (634,574)
       Net gain on sales of equipment                                                 (10,489)          (130,779)
       Minority interest in consolidated joint venture                                 (1,343)             1,183
       Changes in operating assets and liabilities:
         Collection of principal from non-financed receivables                        675,096            703,092
         Other assets                                                                 303,354            302,758
         Due to/from General Partner and affiliates                                    48,383            (87,776)
         Security deposits, deferred credits and other payables                         6,494            387,456
                                                                               --------------      -------------

           Total adjustments                                                        7,102,461          3,377,345
                                                                               --------------      -------------

       Net cash used in operating activities                                          (73,457)          (514,671)
                                                                               --------------      -------------

Cash flows from investing activities:
   Proceeds from sales of equipment                                                   258,833            827,549
   Distributions received from unconsolidated joint ventures                          721,797            298,564
                                                                               --------------      -------------

       Net cash provided by investing activities                                      980,630          1,126,113
                                                                               --------------      -------------

Cash flows from financing activities:
   Cash distributions to partners                                                       -             (1,662,543)
   Proceeds form notes payable - recourse                                               -                690,000
   Principal payments on notes payable - recourse debt                               (512,342)          (453,901)
                                                                               --------------      -------------

     Net cash (used in) financing activities                                         (512,342)        (1,426,444)
                                                                               --------------      -------------

Net increase (decrease) in cash and cash equivalents                                  394,831           (815,002)

Cash and cash equivalents at beginning of period                                      301,256          1,257,947
                                                                               --------------      -------------

Cash and cash equivalents at end of period                                   $        696,087    $       442,945
                                                                               ==============      =============

</TABLE>


                                                     (continued on next page)
<PAGE>

                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware Limited Partnership)

          Condensed Consolidated Statements of Cash Flows - Continued


Supplemental Disclosure of Cash Flow Information

     For the six  months  ended  June 30,  2004 and  2003,  non-cash  activities
included the following:

<TABLE>
<CAPTION>


                                                                                     2004               2003
                                                                                     ----               ----
<S>                                                                          <C>                 <C>
Principal and interest on direct finance
   receivables paid directly to lenders by lessees                           $      5,674,044    $     4,241,348
Rental income assigned - operating lease receivables                                    -                674,894
Principal and interest on non-recourse
   financing paid directly to lenders by lessees                                   (5,674,044)        (4,916,242)
                                                                             ----------------    ---------------

                                                                             $         -         $         -
                                                                             ================    ==============

Notes payable - non-recourse relinquished upon termination                   $      7,138,369    $         -
                                                                             ================    ==============

Transfer of investment in operating leases, net of accumulated
   depreciation, to equipment held for sale or lease                         $      2,327,588    $     3,444,412
                                                                             ================    ===============





Interest accrued or paid directly to lenders by lessees
   on non-recourse financings                                                $        391,890    $       979,521
Other interest paid                                                                   412,784            534,238
                                                                             ----------------    ---------------

Total interest expense                                                       $        804,674    $     1,513,759
                                                                             ================    ===============



</TABLE>








See accompanying notes to condensed consolidated financial statements.

<PAGE>

                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware Limited Partnership)

              Notes to Condensed Consolidated Financial Statements

                                  June 30, 2004
                                   (unaudited)

1.   Basis of Presentation

     The condensed  consolidated financial statements of ICON Cash Flow Partners
L.P.  Seven (the  "Partnership")  have been  prepared  pursuant to the rules and
regulations of the Securities  and Exchange  Commission  (the "SEC") and, in the
opinion  of  management,  include  all  adjustments  (consisting  only of normal
recurring  accruals)  necessary for a fair  statement of results for each period
shown.  Certain  information  and  footnote  disclosures  normally  included  in
financial statements prepared in accordance with accounting principles generally
accepted in the United States of America have been condensed or omitted pursuant
to such SEC rules and regulations. Management believes that the disclosures made
are adequate to make the information represented not misleading. The results for
the interim  period are not  necessarily  indicative of the results for the full
year.  These  condensed  consolidated  financial  statements  should  be read in
conjunction with the consolidated financial statements and notes included in the
Partnership's  2003 Annual  Report on Form 10-K.  Certain  2003 amount have been
reclassified to conform to the 2004 presentation.

2.   Disposition Period

     The  Partnership's  reinvestment  period  ended in  November,  2002 and the
disposition period began immediately thereafter.  During the disposition period,
the  Partnership  has and will  continue  to utilize  available  cash to pay its
liabilities;   distribute   substantially  all  remaining  cash,  if  any,  from
operations  and  equipment  sales to the  partners;  and  continue  the  orderly
termination of its operations and affairs.  The  Partnership  will not invest in
any additional finance or lease transactions during the disposition period.


3.   Related Party Transactions

     Fees and other  expenses paid or accrued by the  Partnership to the General
Partner  or its  affiliates  for the six months  ended  June 30,  2004 and 2003,
respectively, were as follows:


                                 2004            2003
                                 ----            ----

 Management fees            $    387,287   $     479,292   Charged to Operations
 Administrative expense
   reimbursements                154,958         194,477   Charged to Operations
                            ------------   -------------

 Total                      $    542,245   $     673,769
                            ============   =============


     As of June 30, 2004, the  Partnership  had a net receivable of $405,477 due
from affiliates,  primarily resulting from its share of distributions and rental
payments  received by affiliates on behalf of the  Partnership.  The Partnership
also had a net payable of $136,311 due to the General Partner and affiliates for
administrative  expense reimbursements and rental payments received on behalf of
such affiliates.

     The Partnership and its affiliates, entities in which ICON Capital Corp. is
also the  General  Partner,  formed  eight  joint  ventures  for the  purpose of
acquiring and managing  various assets.  (See Note 5 for additional  information
relating to these joint ventures)

<PAGE>
                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware Limited Partnership)

        Notes to Condensed Consolidated Financial Statements - Continued

4.   Net Investment in Leveraged Lease

     As of June 30, 2004 the Partnership had an ownership interest in a DC-10-30
aircraft subject to a leveraged lease with Federal Express  Corporation  through
July 2, 2004.

     The net investment in the leveraged  lease as of June 30, 2004 and December
31, 2003 consisted of the following:


<TABLE>
<CAPTION>

                                                            June 30,          December 31,
                                                              2004                2003
                                                              ----                ----

<S>                                                       <C>                <C>
 Non-cancelable minimum rents receivable (net of
   principal and interest on non-recourse debt)           $    136,317       $  5,810,360
 Estimated unguaranteed residual value                      10,200,000         14,900,000
 Initial direct costs                                           -                  29,411
 Unearned income                                                -              (1,107,892)
                                                          ------------       ------------

                                                          $ 10,336,317       $ 19,631,879
                                                          ============       ============

</TABLE>



     The DC-10-30 aircraft was subject to non-recourse debt, which had a balance
of  $9,705,040 at June 30, 2004 and had a balloon  payment due of  approximately
$9,600,000 at lease end, July 2, 2004.  As required by the loan  agreement,  the
Partnership  entered into a residual value insurance agreement with an unrelated
third party. Under the residual value insurance  agreement,  the insurer had the
obligation to pay the insured  amount to the lender at lease expiry.  During the
second quarter 2004, the insurer, pursuant to the insurance agreement,  notified
the  Partnership  of its intention to pay the insured  amount of  $10,200,000 at
lease end which would thereby result in title of the aircraft being  transferred
to the insurer.  As a result,  the Partnership  recorded an impairment charge of
$4,700,000  in the quarter ended March 31, 2004 in order to reduce the estimated
unguaranteed  residual  value of the  aircraft to  $10,200,000  in the event the
lender  and the  Partnership  decide  not to  exercise  their  rights  under the
insurance agreement.

     Upon lease  expiration  in July 2004,  the aircraft was sold to the insurer
for the $10,200,000,  and the Partnership  received $520,293,  net of $9,679,707
paid to the non-recourse lender.

5.   Joint Ventures

     The  Partnership and its affiliates  formed eight ventures  discussed below
for the purpose of acquiring and managing  various  assets.  The Partnership and
its  affiliates  have   substantially   identical   investment   objectives  and
participate on the same terms and  conditions.  The  Partnership  has a right of
first  refusal to purchase the  equipment,  on a pro-rata  basis,  if any of the
affiliates desire to sell their interests in the equipment.

<PAGE>


                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware Limited Partnership)

        Notes to Condensed Consolidated Financial Statements - Continued

Consolidated Joint Venture

     The venture  described below is majority owned and is consolidated with the
Partnership.

     ICON Cash Flow Partners L.L.C. III
     ----------------------------------

     In  December  1996,  the  Partnership  and an  affiliate,  ICON  Cash  Flow
Partners, L.P., Series E ("Series E") formed ICON Cash Flow Partners L.L.C. III,
for the purpose of  acquiring  and  managing  an aircraft  which was on lease to
Continental  Airlines,  Inc. The aircraft is a 1976 McDonnell  Douglas  DC-10-30
with an original cost of $11,429,751.  The original  lease,  which was accounted
for as a leveraged lease,  expired on April 30, 2003. Effective May 1, 2003, the
aircraft was re-leased to World Airways,  Inc. on a "power-by-the-hour"  basis.
World Airways has tentatively agreed to a lease extension through March of 2005
at a fixed  rental  of  $50,000  a month  plus  maintenance  reserves.  Aviation
Investors,  Inc. has a 50% interest in the DC-10-30F aircraft currently on lease
to World  Airways.  The  Partnership and Series E contributed 99% and 1% of the
cash required for such acquisition,  respectively, to ICON Cash Flow L.L.C. III.
ICON Cash Flow L.L.C. III acquired the aircraft,  assuming non-recourse debt and
utilizing  contributions received from the Partnership and L.P. Seven. ICON Cash
Flow Partners L.L.C. III has since repaid the entire  non-recourse  debt secured
by this asset.

Investments in Unconsolidated Joint Ventures

     The seven  joint  ventures  described  below are 50% or less  owned and are
accounted  for under the  equity  method,  whereby  the  Partnership's  original
investment was recorded at cost and is adjusted by its share of earnings, losses
and distributions of the joint ventures.

     ICON Receivables 1997-A L.L.C.
     ------------------------------

     In March  1997,  the  Partnership  and  three  affiliates,  ICON  Cash Flow
Partners  L.P. Six ("L.P.  Six"),  Series E and ICON Cash Flow  Partners,  L.P.,
Series D ("Series  D")  contributed,  and assigned  equipment  lease and finance
receivables and residuals to ICON Receivables  1997-A L.L.C.  ("1997-A") for the
purpose of securitizing  their cash flow  collections.  As of June 30, 2004, the
Partnership,  Series E, L.P. Six and Series D own 19.97%,  31.03%,  31.19%,  and
17.81% interests, respectively, in 1997-A.

     Information as to the unaudited results of operations of 1997-A for the six
months ended June 30, 2004 and 2003 is summarized below:


                                         Six Months Ended      Six Months Ended
                                           June 30, 2004         June 30, 2003
                                           -------------         -------------

Net income (loss)                        $         37,436      $        (39,975)
                                         ================      =================

Partnership's share of net income (loss) $          7,474      $         (7,981)
                                         ================      ================

     ICON Receivables 1997-B L.L.C.
     ------------------------------

     In August 1997, the Partnership and two affiliates,  Series E and L.P. Six,
formed ICON Receivables 1997-B L.L.C. ("1997-B") for the purpose of securitizing
their  cash  flow  collections.  The  Partnership,  Series E and  L.P.  Six each
contributed  cash,  equipment leases and residuals and own a 16.67%,  75.00% and
8.33% interest, respectively, in 1997-B.

<PAGE>
                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware Limited Partnership)

        Notes to Condensed Consolidated Financial Statements - Continued

     Information as to the unaudited results of operations of 1997-B for the six
months ended June 30, 2004 and 2003 is summarized below:



                                        Six Months Ended      Six Months Ended
                                          June 30, 2004         June 30, 2003
                                          -------------         --------------

Net loss                                $      (585,497)      $       (203,652)
                                        ===============       ================

Partnership's share of net loss         $       (97,603)      $        (33,949)
                                        ===============       ================

Distributions                           $       206,128       $         -
                                        ===============       ================

Partnership's share of distributions    $        34,362       $         -
                                        ===============       ================

     ICON/Boardman Facility LLC
     --------------------------

     In December  1998, the  Partnership  and three  affiliates,  ICON Cash Flow
Partners,  L.P.,  Series C ("Series  C"),  L.P. Six and ICON Income Fund Eight A
L.P.  ("Fund Eight A"), formed  ICON/Boardman  Facility LLC ("ICON BF"), for the
purpose of acquiring a lease for a coal handling  facility with Portland General
Electric,  a utility  company.  The purchase price totaled  $27,421,810  and was
funded with cash and non-recourse debt. The remaining  venturers' shares in ICON
BF at June 30,  2004 were  .5025%,  .5025%,  and  98.995%  for the  Partnership,
L.P.Six,  and Fund Eight A, respectively.  The non-recourse debt associated with
this  equipment  was  refinanced  on May 6,  2004 at an  interest  rate of 3.65%
maturing on January 23,  2010.  The  outstanding  balance of the debt secured by
this  equipment  as of  June  30,  2004  was  $11,255,873.  The  lender  of  the
non-recourse debt is assigned the rental payments.

     The Partnership is currently in negotiations with Portland General Electric
("PGE")  about PGE  possibly  purchasing  the coal  handling  facility  from the
Partnership,  either at the end of the current  lease term, or at the end of the
extension term in January 2010.

     Information  as to the  unaudited  results of operations of ICON BF for the
six months ended June 30, 2004 and 2003 is summarized below:



                                        Six Months Ended      Six Months Ended
                                          June 30, 2004         June 30, 2003
                                          -------------         -------------

Net income                              $       740,912       $        701,622
                                        ===============       ================

Partnership's share of net income       $         3,723       $          3,525
                                        ===============       ================

Distributions                           $     7,245,027       $         -
                                        ===============       =================

Partnership's share of distributions    $        36,406       $         -
                                        ===============       ================

     ICON/AIC Trust
     --------------

     In 1999,  ICON/AIC  Trust  ("AIC  Trust")  was  formed to own and  manage a
portfolio of leases in England.  The Partnership,  L.P. Six and Fund Eight A own
30.76%, 25.51% and 43.73% interests in AIC Trust, respectively.

     On December 28, 2001, AIC Trust sold its remaining  leases,  subject to the
related debt, in exchange for a note receivable of (Pound)2,575,000  ($3,744,822
converted  at the  exchange  rate at December 31, 2001) which was payable in six
installments  through June 2004. At June 30, 2004, the remaining  amount due was
(Pound)375,000  ($679,718  converted at the exchange rate at June 30, 2004),  as
AIC Trust had collected  (Pound)375,000 in the first quarter.  In July 2004, the
final installment on the note was collected by the Partnership.

<PAGE>
                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware Limited Partnership)

        Notes to Condensed Consolidated Financial Statements - Continued

     Information as to the unaudited results of operations of ICON/AIC Trust for
the six months  ended June 30,  2004 and 2003 is  summarized  below:



                                        Six Months Ended        Six Months Ended
                                          June 30, 2004           June 30, 2003
                                          -------------           ------------

Net income                             $         7,700          $         21,313
                                       ===============          ================

Partnership's share of net income      $         2,369          $          6,556
                                       ===============          ================

Distributions                          $       683,603          $        722,005
                                       ===============          ================

Partnership's share of distribution    $       210,276          $        222,089
                                       ===============          ================

     ICON Cheyenne LLC
     -----------------

     In December  2000, the  Partnership  and three  affiliates,  L.P. Six, Fund
Eight A and ICON Income Fund Eight B L.P.  ("Fund Eight B") formed ICON Cheyenne
LLC ("ICON  Cheyenne") for the purpose of acquiring a portfolio of leases for an
aggregate purchase price of $29,705,716. The purchase price consisted of cash of
$11,401,151  and  the  assumption  of  non-recourse  debt  of  $18,304,565.  The
non-recourse debt is structured so as to be amortized with rentals due under the
leases.  The  leases  expire  on  various  dates  through  September  2006.  The
Partnership, L.P. Six, Fund Eight A and Fund Eight B have ownership interests of
10.31%, 1.0%, 1.0% and 87.69%,  respectively,  in ICON Cheyenne. The outstanding
balance of the non-recourse  debt secured by these assets, at June 30, 2004, was
$727,584.

     Information as to the unaudited  results of operations of ICON Cheyenne for
the six months ended June 30, 2004 and 2003 is summarized below:



                                          Six Months Ended   Six Months Ended
                                            June 30, 2004      June 30, 2003
                                            -------------      -------------

Net (loss) income                         $      (371,961)   $        132,537
                                          ===============    ================

Partnership's share of net (loss) income  $       (38,349)   $         13,664
                                          ===============    ================

Distributions                             $     4,275,001    $        741,759
                                          ===============    ================

Partnership's share of distribution       $       440,753    $         76,475
                                          ================   ================


     ICON Aircraft 24846, LLC
     ------------------------

     During 2000,  the  Partnership  and two  affiliates,  Fund Eight A and Fund
Eight B, formed ICON Aircraft 24846 LLC ("ICON Aircraft  24846") for the purpose
of acquiring an investment in a Boeing  767-300ER  aircraft on lease at the time
to Scandinavian Airline Systems ("SAS") for a purchase price of $44,515,416. The
purchase  price  was  funded  with  cash of  $2,241,371  and the  assumption  of
non-recourse  debt in the amount of  $42,274,045.  The  lenders  have a security
interest in the  aircraft.  The lease with SAS  expired in March 2003,  at which
time the outstanding  balance of the non-recourse debt secured by this asset was
approximately $34,500,000.  The Partnership has been making contributions toward
interest  only  payments  on  the  outstanding   non-recourse  debt  during  the
remarketing  of the  aircraft  by the General  Partner.  The  Partnership,  Fund
Eight-A and Fund  Eight-B  have  ownership  interests  of 2.0%,  2.0% and 96.0%,
respectively, in ICON Aircraft 24846.

<PAGE>

                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware Limited Partnership)

        Notes to Condensed Consolidated Financial Statements - Continued

Subsequent Event

     The General Partner had determined that it was in its best interest to sell
the Boeing  767-300ER  aircraft,  manufacturer's  serial  number  24846,  to BTM
Capital Corp., the lender,  for an amount equal to the outstanding debt balance.
The decision to sell the aircraft was based, in part, on the following factors:

1)   The  aircraft's  current  fair  market  value was between  $24,000,000  and
     $27,000,000 and the balance of the outstanding debt was $34,500,000.

2)   Any new lease for the  aircraft  would have  required  the  Partnership  to
     contribute  an  additional  $850,000  in equity  (at  minimum)  in order to
     reconfigure the aircraft and/or upgrade the engines.

3)   If the  Partnership  were to continue to remarket the aircraft,  the lender
     would have  required  interest only  payments of  $100,000/month  until the
     aircraft was placed with a new lessee.

     The sale of the aircraft took place on July 29, 2004.  ICON Aircraft  24846
realized a loss of  approximately  $601,788  and recorded an  impairment  in the
second quarter.

     Information  as to the  unaudited  results of  operations  of ICON Aircraft
24846 for the six months ended June 30, 2004 and 2003 is summarized below:




                                        Six Months Ended   Six Months Ended
                                          June 30, 2004      June 30, 2003
                                          -------------      -------------

Net loss                                $    (2,515,567)    $     (685,814)
                                        ================    ==============

Partnership's share of net loss         $       (50,311)    $      (13,716)
                                        ================    ==============

Contributions                           $       577,021     $        -
                                        ===============     ==============

Partnership's share of contributions    $        11,540     $        -
                                        ===============     ==============


     North Sea (Connecticut) Limited Partnership
     -------------------------------------------

     During 2000, a joint venture,  North Sea (Connecticut)  Limited Partnership
("North  Sea"),  in which the  Partnership  is a 50%  Class C  limited  partner,
exercised  its option to acquire a drilling  rig and  simultaneously  leased the
drilling  rig to the  operator.  The lease was then  financed on a  non-recourse
basis with a bank,  and a portion of the loan  proceeds were used to pay for the
exercise of the option with the excess loan proceeds of $20,002,567  distributed
to the joint venturers  ($10,001,284  represented the  Partnership's 50% share).
The other joint  venturers are not affiliates of the  Partnership or its General
Partner.

     The  Partnership has guaranteed an amount between the stipulated loss value
provided for in the financing and the loan balance. The maximum amount for which
the Partnership is contingently liable at June 30, 2004 under this guarantee was
approximately $72,000.

<PAGE>

                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware Limited Partnership)

        Notes to Condensed Consolidated Financial Statements - Continued

     Information as to the unaudited  results of operations of North Sea for the
six months ended June 30, 2004 and 2003 is summarized below:

                                     Six Months Ended         Six Months Ended
                                       June 30, 2004            June 30, 2003
                                       -------------            -------------

Net income                           $      1,411,776        $      1,332,950
                                     ================        ================

Partnership's share of net income    $        705,588        $        666,475
                                     ================        ================


6.   Investment in Operating Leases and Equipment Held for Sale or Lease

     The Partnership is the sole owner of two special purpose  entities  ("SPE")
that owned five (5) marine vessels originally on charter to affiliates of Seacor
Marine,  Inc.  (the  "Vessels").  These  Vessels  were  subject  to  outstanding
non-recourse debt with Fleet Capital Corp. ("Fleet").

     On  September  11, 2003,  Fleet took  control of the Vessels and  commenced
remarketing efforts. On May 12, 2004, Fleet sold the Vessels,  which resulted in
aggregate  sale  proceeds  of  $3,580,000.  At the time of sale the  outstanding
non-recourse debt related to the Vessels was $7,138,369,  therefore all proceeds
from the sale were used to pay down the  outstanding  non-recourse  notes.  As a
result of the sale of the  Vessels,  the  Partnership  recorded  a loss on lease
termination of $622,872.

     The Partnership is also the sole owner of an additional SPE that owns three
(3) marine  vessels  originally on charter to  affiliates  of Seacor Smit,  Inc.
These vessels are not subject to outstanding debt with a lender.  As of June 30,
2004, the vessels are held for sale or lease.  The Gulf Wind (formerly  known as
the Amanda Graham) and the Gulf Pearl  (formerly  known as the Pearl Graham) are
being  operated under  bareboat  charters in the form of a management  agreement
whereby Gulf Fleet Management will sub-lease the vessels.  The vessels are being
managed and  maintained  by Gulf Fleet  Management  which crews and charters the
vessels on a short term basis in the spot  market.  It is the  intension  of the
Partnership  and of Gulf Fleet  Management to charter both the vessels on longer
term charters if the opportunities are available.

     The General Partner is conducting  negotiations with Gulf Fleet Management,
Inc. about the possibility of Gulf Fleet purchasing one or more of the Vessels.

7.  Line of Credit Agreement

     The  Partnership,  along with certain of its affiliates -- ICON Income Fund
Eight A, ICON Income Fund Eight B, and ICON Income Fund Nine, LLC -- are parties
to a Loan and  Security  Agreement  dated May 30,  2002,  as amended  (the "Loan
Agreement") between themselves and Comerica Bank (the "Bank"). Certain financial
covenants   under  the  Loan  Agreement  were  violated  during  2003  and  were
subsequently  cured.  The Bank has waived any defaults  that might have resulted
there from.

     The line of credit was extended to expire December 31, 2004. As of June 30,
2004, the  Partnership  had  $6,615,439  outstanding  under the line.  Aggregate
borrowings  by all Funds under the line of credit  agreement  was  $8,615,439 on
June 30, 2004.
<PAGE>

                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware Limited Partnership)

        Notes to Condensed Consolidated Financial Statements - Continued

8.   Notes Payable

     Included  in notes  payable-recourse  is  $1,148,264  owed to  Series D, an
affiliate of the Partnership.  In 1997,  Series D financed a portion of the free
cash flow,  including the proceeds  from the sale or disposal of the  equipment,
relating to the leveraged  lease with Federal Express  Corporation  owned by the
Partnership.  The  lease  expired  on July 2, 2004 at which  time all  obligated
unpaid  amounts were due to Series D. During the six months ended June 30, 2004,
the Partnership repaid $604,716 (inclusive of interest) of the financing.

     The  Partnership  made an additional  payment  $260,146 on this note during
August 2004 since the sale of the  underlying  equipment  and is expected to pay
another $388,763,  while the remainder is expected to be extinguished based upon
the lower return on the underlying equipment.

9.   Significant Lessee

     World Airways,  Inc. has tentatively  agreed to a lease  extension  through
March of 2005 at a fixed  rental of $50,000 a month plus  maintenance  reserves.
Aviation Investors,  Inc. has a 50% interest in the DC-10-30F aircraft currently
on lease to World Airways.

<PAGE>

                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware Limited Partnership)

                                  June 30, 2004

Item 2. Manager's  Discussion and Analysis of Financial Condition and Results of
Operations

     Forward-Looking  Information - The following discussion and analysis should
be read in conjunction with the audited financial statements and included in the
Partnership's  annual report on Form 10-K notes dated December 31, 2003. Certain
statements within this document may constitute forward-looking statements within
the  meaning of the  Private  Securities  Litigation  Reform Act of 1995.  These
statements are identified by words such as "anticipate,"  "believe," "estimate,"
"expects,"  "intend,"  "predict"  or  "project"  and similar  expressions.  This
information may involve risks and uncertainties  that could cause actual results
to  differ  materially  from the  forward-looking  statements.  The  Partnership
believes that the expectations reflected in such forward-looking  statements are
based on  reasonable  assumptions  such  statements  are  subject  to risks  and
uncertainties  that could cause actual results to differ  materially  from those
projected.  Any  such  forward-looking  statements  are  subject  to  risks  and
uncertainties  and the  Partnership's  future results of operations could differ
materially from historical results or current expectations.  Some of these risks
are discussed in this report, and include,  without limitation,  fluctuations in
oil and gas  prices;  level of  fleet  additions  by  competitors  and  industry
overcapacity;  changing  customer  demands  for  aircraft;  acts  of  terrorism;
unsettled political conditions,  war, civil unrest and governmental actions, and
environmental  and labor laws.  The  Partnership's  actual  results could differ
materially from those  anticipated by such  forward-looking  statements due to a
number  of  factors,  some of which  may be beyond  the  Partnership's  control,
including, without limitation:

o changes in our industry, interest rates or the general economy;

o the degree and nature of our competition;

o availability of qualified personnel;

o cash  flows  from  operating  activities  may be less  than the  Partnership's
current level of expenses;

o the financial condition of lessees; and

o lessee defaults.

a.   Overview

     The Partnership is an equipment leasing business formed on May 23, 1995 and
began  active  operations  on November 9, 1995.  The  Partnership  is  primarily
engaged in the business of acquiring equipment subject to leases.

     The  Partnership is currently  selling its assets in the ordinary course of
business, a time frame called the "disposition  period". Our goal is to complete
the disposition period in the next few years.

<PAGE>


                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware Limited Partnership)

                                  June 30, 2004

     The  Partnership's  current  portfolio,  which  is  held  directly  by  the
Partnership  or through joint venture  investments  with  affiliates,  primarily
consists of:

o    Warehouse  distribution  equipment  subject to lease with AZ3, Inc. with an
     expiration  date of September  30, 2004.  The  equipment  was purchased for
     $523,640.

o    Three (3) supply  vessels  originally  subject to lease with Seacor Marine,
     Inc.  with an original  expiration  date of August 31,  2001.  The purchase
     price  consisted of an equity  contribution  of  $4,205,000 in cash and the
     assumption of  $12,900,000  in  non-recourse  debt. The Gulf Wind (formerly
     known as the Amanda Graham) and the Gulf Pearl (formerly known as the Pearl
     Graham)  are  being  operated  under  bareboat  charters  in the  form of a
     management agreement.  The vessels are being managed and maintained by Gulf
     Fleet  Management who crews and charters the vessels on short term basis in
     the spot market.  It is the intension of the  Partnership and of Gulf Fleet
     Management  to charter  both the vessels on longer term  charters  once the
     opportunities  are available.  The Partnership is in negotiations with Gulf
     Fleet  Management,  Inc. about the possibility of Gulf Fleet purchasing one
     or more of the Vessels.

o    A .5025% interest in a coal handling  facility on lease to Portland General
     Electric. The purchase price of the equipment was $27,421,810, of which the
     equity  contribution  was  $15,193,097,  and assumed  non-recourse  debt of
     $12,228,713.  The lease has been extended and is currently set to expire on
     January  23,  2005,  at which  time the  lessee has the option to renew for
     another  15 years.  The  Partnership  is  currently  in  negotiations  with
     Portland General  Electric about PGE possibly  purchasing the coal handling
     facility from the Partnership, either at the end of the current lease term,
     or at the end of the extension term in January 2010.

o    A 10.31%  interest  in ICON  Cheyenne  LLC ("ICON  Cheyenne"),  a portfolio
     consisting  of various  equipment  including  over the road rolling  stock,
     manufacturing  equipment and  materials  handling  equipment.  The original
     transaction involved acquiring from Cheyenne Leasing Company a portfolio of
     119  leases  for a  purchase  price  of  $29,705,716.  The  purchase  price
     consisted of an equity  contribution  of $11,401,151  and the assumption of
     non-recourse  debt of  $18,304,565.  Of the original 119 schedules,  30 are
     still active with  expiration  dates  ranging  between  January of 2005 and
     October of 2006.

o    Various rotable aircraft parts that were originally  subject to leases with
     Sabena SA with the base term expiring on July 31, 2001 and August 31, 2001.
     The equipment  was  purchased  for  $3,029,583 in cash and is currently off
     lease and in the process of being remarketed.

o    A 99% interest in a McDonnell Douglas  DC-10-30F  aircraft subject to lease
     with World Airways,  Inc. with an original expiration date of December 31,
     2003. The aircraft is currently  leased based on a "power by the hour" rate
     through  December  2004,  and an  extension  through  March  2005 is  being
     negotiated.  The  purchase  price  consisted of an equity  contribution  of
     $2,119,992 and $9,309,759 in non-recourse debt.

o    A 50% interest in a sodium chlorate  production  facility  subject to lease
     with EKA  Chemicals,  Inc. with an  expiration  date of July 2006, at which
     time title in the  equipment  will pass to the lessee.  The purchase  price
     consisted  of an  equity  contribution  of  $2,805,920  and  $1,052,998  in
     non-recourse debt.


<PAGE>

                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware Limited Partnership)

                                  June 30, 2004

o    A 50%  interest  in a mobile  offshore  drilling  rig subject to lease with
     Rowan Companies, Inc. The Partnership's  contribution of the purchase price
     was $12,325,000 of equity and $2,400,828 in assumed  non-recourse debt. The
     lease was renewed on September 15, 2000 and will expire on March 15, 2008.

     Substantially  all of our recurring  operating  revenues are generated from
the operations of the single-investor leases in the Partnership's  portfolio. On
a monthly basis, we deduct the expenses  related to the recurring  operations of
the portfolio  from such  revenues and assess the amount of the  remaining  cash
flows  that will be  required  to fund  known  re-leasing  costs  and  equipment
management costs.

Industry Factors

     Our results continue to be impacted by a number of factors  influencing the
equipment leasing industry.

     Further Deterioration of the Air Travel Industry.

     The aircraft  leasing industry is currently  experiencing a recession,  and
this has resulted in depressed sales prices for assets such as the Partnership's
aircraft and rotable  parts.  It does not appear that the industry  will recover
significantly in the very near future. A further weakening of the industry could
cause the proceeds realized from the future sale of the aircraft and rotables to
be even less than suggested by recent appraisals.

     Inability to Remarket Assets.

     The market for some of the  Partnership's  assets,  such as the interest in
the offshore oil rig, is not very liquid.  If current  equipment  lessees choose
not to renew  their  leases or  purchase  the  equipment  at lease  expiry,  the
Partnership will need to remarket the equipment.  There is no assurance that the
Partnership  will be able to  locate a  willing  buyer or  lessee,  or if one is
located,  that the buyer or lessee will pay a price for the asset at least equal
to the appraised value.

b.   Results of Operations for the Three Months Ended June 30, 2004 and 2003

Revenues

     Gross  Revenues  for the  three  months  ended  June 30,  2004  (the  "2004
Quarter") were $715,162, as compared to $1,383,635 in the quarter ended June 30,
2003 (the "2003 Quarter"), representing a decrease of $668,473. This decrease in
revenues  resulted  primarily  from a  decrease  in rental  income of  $415,373,
decreases  in gain on sales of  equipment  of  $81,742,  decrease in income from
investments in unconsolidated joint ventures of $144,176,  and finance income of
$11,349. The decrease in rental income is as a result of leases expiring and the
underlying  equipment  reclassified  as  equipment  held for sale or lease.  The
decrease in gain on sales of equipment  is due to the fact that the  Partnership
only sold four leases in the 2004 Quarter as opposed to the 2003 Quarter when it
sold eight leases which more closely  approximated  the  estimated  unguaranteed
residual  value at  termination.  The  decrease  in income from  investments  in
unconsolidated  joint  ventures was due primarily to net losses  incurred by the
ICON Receivables 1997-B L.L.C.  ("1997-B") and ICON Cheyenne joint ventures held
by the  Partnership.  The decrease in finance income  resulted  primarily from a
decrease in the average size of the Partnership's lease portfolio. Specifically,
the  following  leases have since  expired  from the 2003  Quarter:  Continental
Airlines Inc., Sabreliner Corp., Boca Teeca Cleaners and Circle Construction.

<PAGE>
                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware Limited Partnership)

                                  June 30, 2004

Expenses of the Partnership

     Expenses for the 2004 Quarter were $1,652,785, as compared to $3,072,524 in
the 2003  Quarter,  representing  a decrease  of  $1,419,739.  This  decrease in
expenses was  primarily  due to decreases in  depreciation  expense of $870,414,
interest  expense of $419,319,  provision  for residual  impairment of $350,000,
general and administrative  expenses of $341,101 and a reversal of provision for
doubtful  accounts of $112,412 due to management's  ongoing  analysis of minimum
rents receivable resulting in a decision that a lower allowance reflects current
collectibility  of  receivables  more  closely.  The  decrease  in  expense  was
partially  offset by an increase in loss on lease  termination of $622,872.  The
decrease in  depreciation  expense was due primarily to the  termination  of the
leases  owned by the special  purpose  entities  ("SPE's")  that own five marine
vessels  originally on charter to  affiliates of Seacor Smit and Seacor  Marine.
The  decrease  in interest  expense  was due to a decrease  in the average  debt
outstanding  from the 2004 Quarter to the 2003 Quarter  primarily as a result of
the  extinguishment  of debt associated  with the termination of the SPE's.  The
decrease  in  provision  for  residual  impairment  was due to the  fact  that a
DC-10-30 aircraft subject to a leveraged lease with Federal Express Corporation,
for which  such  provision  had been taken in the 2003  Quarter,  has been fully
written  down to its  expected  fair  market  value.  A decrease  in general and
administrative  expenses was due to  reductions in storage and  maintenance  and
insurance  expense in the 2004  Quarter  versus the 2003  Quarter as a result of
reduced payments under the Seacor Smit and Seacor Marine leases. The increase in
loss on lease  termination was due to the termination of the two SPE's mentioned
above.

Net Income/Loss of the Partnership

     As a result of the foregoing factors, net loss for the 2004 Quarter and the
2003  Quarter  was  $937,623  and  $1,688,889,  respectively.  The net  loss per
weighted  average limited  partnership  unit outstanding was $0.94 and $1.69 for
the 2004 Quarter and the 2003 Quarter, respectively.

c.   Results of Operations for the Six Months Ended June 30, 2004 and 2003

Revenues

     Gross  Revenues for the six months ended June 30, 2004 (the "2004  Period")
were  $1,872,140,  as compared to  $2,719,129  for the six months ended June 30,
2003 (the "2003 Period"),  representing a decrease of $846,989. This decrease in
revenues  resulted  primarily  from a  decrease  in rental  income of  $677,435,
decreases in gain on sales of  equipment  of  $120,290,  decrease in income from
investments  in  unconsolidated  joint  ventures of $101,684,  and a decrease in
finance  income of  $30,523.  The  decrease  in rental  income is as a result of
leases expiring and the underlying equipment  reclassified as equipment held for
sale or lease.  The  decrease in gain on sales of  equipment  is due to the fact
that the Partnership  only sold four leases in the 2004 Period as opposed to the
2003  Period  when it sold eight  leases  which more  closely  approximated  the
estimated  unguaranteed  residual value at  termination.  The decrease in income
from  investments  in  unconsolidated  joint  ventures was due  primarily to net
losses  incurred  by the 1997-B and ICON  Cheyenne  joint  ventures  held by the
Partnership.  The decrease in finance income resulted  primarily from a decrease
in the average size of the  Partnership's  lease  portfolio.  Specifically,  the
following leases have expired since the 2003 Period:  Continental Airlines Inc.,
Sabreliner Corp., Boca Teeca Cleaners and Circle Construction.

<PAGE>

                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware Limited Partnership)

                                  June 30, 2004

Expenses of the Partnership

     Expenses for the 2004 Period were $9,048,058,  as compared to $6,611,145 in
the 2003  Period,  representing  an increase  of  $2,436,913.  This  increase in
expenses was primarily  due to an increase in provision for residual  impairment
of  $4,000,000  and an increase in loss on lease  termination  of $622,872.  The
increase in expense was partially offset by decreases in depreciation expense of
$731,529,  interest expense of $709,085,  general and administrative expenses of
$463,323  and a reversal of provision  for doubtful  accounts of $112,412 due to
management's  ongoing  analysis  of  minimum  rents  receivable  resulting  in a
decision that a lower allowance  reflects current  collectibility of receivables
more closely.  The increase in provision for residual  impairment was due to the
fact that a DC-10-30  aircraft subject to a leveraged lease with Federal Express
Corporation,  was fully  written  down to its  unguaranteed  estimated  residual
value.  The  increase  in loss on lease  termination  was due  primarily  to the
termination of the leases owned by the special purpose  entities  ("SPE's") that
own five marine  vessels  originally on charter to affiliates of Seacor Smit and
Seacor Marine.  The decrease in depreciation  expense was due to the termination
of the two SPE's mentioned  above. The decrease in interest expense was due to a
decrease in the average debt outstanding from the 2004 Period to the 2003 Period
primarily  as a  result  of the  extinguishment  of  debt  associated  with  the
termination of the SPE's. A decrease in general and administrative  expenses was
due to reductions in storage and maintenance  and insurance  expense in the 2004
Period versus the 2003 Period as a result of reduced  payments  under the Seacor
Smit and Seacor Marine leases.

Net Income/Loss of the Partnership

     As a result of the foregoing factors,  net loss for the 2004 Period and the
2003  Period  was  $7,175,918  and  $3,892,016,  respectively.  The net loss per
weighted  average limited  partnership  unit outstanding was $7.19 and $3.90 for
the 2004 Quarter and the 2003 Quarter, respectively.

d.   Sources of Cash

     Operations

     During the six months ended June 30, 2004, the  Partnership's  overall cash
position  increased by $394,831.  The  principal  reasons for this increase were
proceeds  from sales of equipment of $258,833 and  distributions  received  from
unconsolidated joint ventures of $721,797. The Partnership also used $604,716 of
cash on principal  and interest paid on notes payable - recourse as described in
detail below.  These activities  resulted in an increase in the liquidity of the
Partnership.

     Reduction in Note Payable

     Included in notes  payable-recourse  is  $1,148,264  owed to ICON Cash Flow
Partners  L.P.,  Series D, an affiliate of the  Partnership.  In 1997,  Series D
financed a portion of the free cash flow  relating to the  leveraged  lease with
Federal Express Corporation owned by the Partnership.  The lease expired on July
2, 2004 at which time all obligated  unpaid amounts were due to Series D. During
the six months ended June 30, 2004, the Partnership  repaid $604,716  (inclusive
of interest) of the financing.

     Subsequent Events

     The Partnership made an additional $260,146 in payment of this note payable
since  the sale of the  underlying  equipment  and is  expected  to pay  another
$388,763,  while the remainder is expected to be extinguish based upon the lower
return on the underlying equipment.

<PAGE>


                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware Limited Partnership)

                                  June 30, 2004

Status of Boeing 767-300ER  Aircraft

     The Partnership had determined that it was in its best interest to sell the
Boeing 767-300ER  aircraft,  manufacturer's  serial number 24846, to BTM Capital
Corp.,  the lender,  for an amount equal to the  outstanding  debt balance.  The
decision to sell the aircraft was based, in part, on the following factors:

1)   The  aircraft's  current  fair  market  value was between  $24,000,000  and
     $27,000,000 and the balance of the outstanding debt was $34,500,000.

2)   Any new lease for the  aircraft  would have  required  the  Partnership  to
     contribute  an  additional  $850,000  in equity  (at  minimum)  in order to
     reconfigure the aircraft and/or upgrade the engines.

3)   If the  Partnership  were to continue to remarket the aircraft,  the lender
     would have  required  interest only  payments of  $100,000/month  until the
     aircraft was placed with a new lessee.

     The sale of the aircraft took effect on July 29, 2004.  ICON Aircraft 24846
realized a loss of  approximately  $601,788 as an impairment  loss in the second
quarter.

     Supply Vessels

     The  Partnership  is the sole owner of two special  purpose  entities  that
owned (5) five marine  vessels  originally  on charter to  affiliates  of Seacor
Marine,  Inc.  (the  "Vessels").  These  Vessels  were  subject to  outstanding
non-recourse debt with a lender, Fleet Capital Corp. ("Fleet").

     On  September  11, 2003,  Fleet took  control of the Vessels and  commenced
remarketing  efforts. On May 12, 2004, Fleet held a sale for the Vessels,  which
resulted in an aggregate sale price of $3,580,000. All of the sale proceeds went
to Fleet to reduce  the  outstanding  non-recourse  debt.  Since  there  were no
proceeds for the  Partnership's  benefit,  the Partnership  realized a loss of $
622,872 on the transaction.

     The Gulf Wind  (formerly  known as the  Amanda  Graham)  and the Gulf Pearl
(formerly known as the Pearl Graham) are being operated under bareboat  charters
in the  form of a  management  agreement  whereby  Gulf  Fleet  management  will
sub-lease  the vessels.  The vessels are being  managed and  maintained  by Gulf
Fleet  Management  who crews and charters the vessels on short term basis in the
spot market. It is the intension of the Partnership and of Gulf Fleet Management
to charter  both the vessels on longer term  charters if the  opportunities  are
available.

     The Partnership is in negotiations with Gulf Fleet  Management,  Inc. about
the possibility of Gulf Fleet purchasing one or more of the Vessels.

     World Airways, Inc.

     World Airways,  Inc. has tentatively  agreed to a lease  extension  through
March of 2005 at a fixed  rental of $50,000 a month plus  maintenance  reserves.
Aviation Investors,  Inc. has a 50% interest in the DC-10-30F aircraft currently
on lease to World Airways.

<PAGE>

                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware Limited Partnership)

                                  June 30, 2004

Financings and Recourse Borrowings

     The  Partnership,  along with certain of its affiliates -- ICON Income Fund
Nine,  LLC, ICON Income Fund Eight B, ICON Income Fund Eight A -- are parties to
a Loan and  Security  Agreement  dated  May 30,  2002,  as  amended  (the  "Loan
Agreement") between themselves and Comerica Bank (the "Bank"). Certain financial
covenants   under  the  Loan  Agreement  were  violated  during  2003  and  were
subsequently  cured.  The Bank has waived any defaults  that might have resulted
there from.

     The  Partnership's   obligations  to  each  other  under  the  Contribution
Agreement  are  collateralized  by a  subordinate  lien  on the  assets  of each
participating Partnership. The line of credit was extended for twelve additional
months  expiring  December 31, 2004. As of June 30, 2004,  the  Partnership  had
$6,615,439  outstanding under the line.  Aggregate  borrowing by all Funds under
the line of credit agreement aggregated $8,615,439 on June 30, 2004.

Distributions

     The Partnership has not made  distributions to limited partners since April
2003 and, while it anticipates  being able to make  distributions in the future,
cannot predict when distributions may recommence.

Uncertainties

     As of June 30,  2004,  except as noted  above in the  Overview  section and
listed  below in the Risk  Factors  section,  and to the best of our  knowledge,
there were no known  trends or  demands,  commitments,  events or  uncertainties
which are likely to have a material effect on liquidity.

Risk Factors

     Set forth below and elsewhere in this report and in other documents we file
with the Securities and Exchange  Commission  are risks and  uncertainties  that
could  cause  our  actual  results  to  differ   materially   from  the  results
contemplated  by the  forward-looking  statements  contained  in this report and
other periodic statements we make, including but not limited to, the following:


o    There is a  depressed  market  for supply  vessels  of this  type,  age and
     condition  which  have  affected  the  value  of  the  Partnership's  three
     remaining  supply vessels.  The Partnership  believes this will continue to
     negatively impact its ability to remarket these vessels.

o    The Partnership may face difficulty  remarketing the aircraft rotables. Due
     to the  current  condition  of the airline  industry,  there is a depressed
     demand market for these rotables.

<PAGE>

                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware Limited Partnership)

                                  June 30, 2004

 d.  Inflation and Interest Rates

     The  potential  effects of inflation on the  Partnership  are  difficult to
predict. However, since the Partnership is in its disposition phase, the effects
are anticipated to be minimal.  If the general economy  experiences  significant
rates of  inflation,  however,  it could affect the  Partnership  in a number of
ways. The Partnership  does not currently have or expect to have rent escalation
clauses tied to inflation in its leases.  The anticipated  residual values to be
realized  upon the sale or re-lease of equipment  upon lease  terminations  (and
thus the  overall  cash flow from the  Partnership's  leases may be  expected to
increase  with  inflation  as  the  cost  of  similar  new  and  used  equipment
increases).

     If  interest  rates  increase  significantly,  the  lease  rates  that  the
Partnership  can obtain on future leases may be expected to increase as the cost
of capital is a  significant  factor in the pricing of lease  financing.  Leases
already  in place,  for the most  part,  would not be  affected  by  changes  in
interest rates.

Item 3.  Qualitative  and  Quantitative   Disclosures   About  Market  Risk  Not
         Applicable

     The  Partnership is exposed to certain market risks,  including  changes in
interest rates and the demand for equipment (and the related  residual) owned by
the Partnership and its investors.

     The Partnership manages its interest rate risk by obtaining fixed rate debt
for most of its obligations.  The Partnership  borrows funds under floating rate
lines of credit  and is  therefore  exposed  to  interest  rate  risk  until the
floating rate lines of credit are repaid. The Partnership's  borrowing under the
floating rate lines of credit as of June 30, 2004 aggregated $8,615,439.

     The  Partnership  attempts to manage its exposure to equipment and residual
risk by monitoring the market and maximizing remarketing proceeds through either
releasing or sales of equipment.

Item 4.   Controls and Procedures

     The Partnership  carried out an evaluation,  under the supervision and with
the  participation  of management of ICON Capital Corp.,  the General Partner of
the  Partnership,  including  the  Chief  Executive  Officer  and the  Principal
Financial  and  Accounting  Officer,  of the  effectiveness  of the  design  and
operation of the Partnership's  disclosure controls and procedures as of the end
of the period covered by this report pursuant to the Securities  Exchange Act of
1934. Based upon the evaluation,  the Chief Executive  Officer and the Principal
Financial and Accounting  Officer  concluded that the  Partnership's  disclosure
controls and procedures were effective.

     There were no significant  changes in the  Partnership's  internal  control
over  financial  reporting  during the  Partnership's  second  quarter that have
materially  affected,  or are likely to  materially  affect,  the  Partnership's
internal control over financial reporting.

<PAGE>

                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware Limited Partnership)

PART II - OTHER INFORMATION
---------------------------


Item 1 - Legal Proceedings
--------------------------

     The  Partnership,  from  time-to-time,  in the ordinary course of business,
commences  legal actions when  necessary to protect or enforce the rights of the
Partnership.  We are not a defendant party to any pending litigation and are not
aware of any pending or threatened litigation against the Partnership.

Item 6 - Exhibits and Reports on Form 8-K
-----------------------------------------

(a) Exhibits

32.1 Certification of Chairman and Chief Executive Officer

32.2 Certification  of Executive  Vice  President  and  Principal  Financial and
     Accounting Officer.

33.1 Certification of Chairman and Chief Executive Officer pursuant to 18 U.S.C.
     (Section)1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act
     of 2002.

33.2 Certification  of Executive  Vice  President  and  Principal  Financial and
     Accounting Officer pursuant to 18 U.S.C. (Section)1350, as adopted pursuant
     to Section 906 of the Sarbanes-Oxley Act of 2002.

(b)  Reports on Form 8-K - None

<PAGE>

                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware Limited Partnership)



                                   SIGNATURES



     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

                                     ICON Cash Flow Partners L.P. Seven
                                     By its General Partner,
                                     ICON Capital Corp.



        August 16, 2004              /s/ Thomas W. Martin
 --------------------------          -------------------------------------
              Date                   Thomas W. Martin
                                     Executive Vice President
                                     (Principal Financial and Accounting Officer
                                     of the General Partner of the Partnership)

<PAGE>

Exhibit 32.1

     Principal  Executive Officer  Certification  Pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)

                              Certifications - 10-Q
                              ---------------------

I, Beaufort J.B. Clarke, certify that:

1.   I have reviewed this  quarterly  report of ICON Cash Flow  Partners,  L.P.,
     Seven;

2.   Based on my knowledge,  this  quarterly  report does not contain any untrue
     statements of a material fact or omit to state a material fact necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based on my knowledge,  the condensed consolidated financial statements and
     other  financial  information  included in this  quarterly  report,  fairly
     present  in all  material  respects  the  financial  condition,  results of
     operations  and cash flows of the  registrant  as of, and for,  the periods
     presented in this quarterly report;

4.   The  registrant's  other  certifying  officer  and  I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules  13a-15(e) and  15d-15(e))  for the registrant and we
     have:

     a)   designed  such  disclosure  controls  and  procedures,  or caused such
          disclosure   controls  and   procedures  to  be  designed   under  our
          supervision,  to ensure  that  material  information  relating  to the
          registrant,  including its consolidated subsidiaries, is made known to
          us by others within those entities,  particularly during the period in
          which this quarterly report is being prepared;

     b)   evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures and presented in this quarterly  report our conclusions
          about the  effectiveness of the disclosure  controls and procedures as
          of the end of the period  covered by this  quarterly  report  based on
          such evaluation; and

     c)   disclosed  in this  quarterly  report any  change in the  registrant's
          internal  control over financial  reporting  that occurred  during the
          registrant's most recent fiscal quarter that has materially  affected,
          or  is  reasonably  likely  to  materially  affect,  the  registrant's
          internal control over financial reporting; and

5.   The registrant's other certifying  officers and I have disclosed,  based on
     our most recent evaluation of internal control over financial reporting, to
     the registrant's auditors and the board of directors of the General Partner
     (or persons performing the equivalent functions):

     a)   all significant  deficiencies and material weaknesses in the design or
          operation of internal  control,  are  reasonably  likely to materially
          affect the  registrant's  ability to record,  process,  summarize  and
          report financial information and

     b)   any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          controls over financial reporting.

Dated:  August 16, 2004

/s/ Beaufort J.B. Clarke
-----------------------------
Beaufort J. B. Clarke
Chairman and Chief Executive Officer
ICON Capital Corp.
General Partner of ICON Cash Flow Partners L.P. Seven

<PAGE>

Exhibit 32.2

Principal  Executive  Officer  Certification  Pursuant  to  Section  302  of the
Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)

                              Certifications - 10-Q
                              ---------------------

I, Thomas W. Martin, certify that:

1.   I have reviewed this  quarterly  report of ICON Cash Flow  Partners,  L.P.,
     Seven;

2.   Based on my knowledge,  this  quarterly  report does not contain any untrue
     statements of a material fact or omit to state a material fact necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based on my knowledge,  the condensed consolidated financial statements and
     other  financial  information  included in this  quarterly  report,  fairly
     present  in all  material  respects  the  financial  condition,  results of
     operations  and cash flows of the  registrant  as of, and for,  the periods
     presented in this quarterly report;

4.   The  registrant's  other  certifying  officer  and  I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules  13a-15(e) and  15d-15(e))  for the registrant and we
     have:

     a)   designed  such  disclosure  controls  and  procedures,  or caused such
          disclosure   controls  and   procedures  to  be  designed   under  our
          supervision,  to ensure  that  material  information  relating  to the
          registrant,  including its consolidated subsidiaries, is made known to
          us by others within those entities,  particularly during the period in
          which this quarterly report is being prepared;

     b)   evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures and presented in this quarterly  report our conclusions
          about the  effectiveness of the disclosure  controls and procedures as
          of the end of the period  covered by this  quarterly  report  based on
          such evaluation; and

     c)   disclosed  in this  quarterly  report any  change in the  registrant's
          internal  control over financial  reporting  that occurred  during the
          registrant's most recent fiscal quarter that has materially  affected,
          or  is  reasonably  likely  to  materially  affect,  the  registrant's
          internal control over financial reporting; and

5.   The registrant's other certifying  officers and I have disclosed,  based on
     our most recent evaluation of internal control over financial reporting, to
     the registrant's auditors and the board of directors of the General Partner
     (or persons performing the equivalent functions):

     a)   all significant  deficiencies and material weaknesses in the design or
          operation of internal  control,  are  reasonably  likely to materially
          affect the  registrant's  ability to record,  process,  summarize  and
          report financial information and

     b)   any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          controls over financial reporting.

Dated:  August 16, 2004

/s/ Thomas W. Martin
----------------------------------------
Thomas W. Martin
Executive Vice President
(Principal Financial and Accounting officer
of the General Partner of the Partnership)

<PAGE>

                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware Limited Partnership)

                                  June 30, 2004

EXHIBIT 33.1

     I,  Beaufort  J.B.  Clarke,  Chairman and Chief  Executive  Officer of ICON
Capital Corp.,  the sole General  Partner of ICON Cash Flow Partners L.P. Seven,
certify,  pursuant to Section 906 of the  Sarbanes-Oxley  Act of 2002 (18 U.S.C.
1350), that, to the best of my knowledge and belief:

(1)  the  Quarterly  Report on Form 10-Q for the period ended June 30, 2004 (the
     "Periodic Report") which this statement accompanies fully complies with the
     requirements  of Section 13(a) or 15(d) of the  Securities  Exchange Act of
     1934 (15 U.S.C. 78m); and

(2)  the information  contained in the Periodic Report fairly  presents,  in all
     material  respects,  the  financial  condition and results of operations of
     ICON Cash Flow Partners L.P. Seven.

Dated:  August 16, 2004



          /s/ Beaufort J.B. Clarke
          ------------------------------------------------------
          Beaufort J.B. Clarke
          Chairman and Chief Executive Officer
          ICON Capital Corp.
          General Partner of ICON Cash Flow Partners L.P. Seven

<PAGE>

                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware Limited Partnership)

                                  June 30, 2004

EXHIBIT 33.2

     I, Thomas W. Martin,  Executive  Vice  President  (Principal  Financial and
Accounting Officer) of ICON Capital Corp., the sole General Partner of ICON Cash
Flow Partners L.P. Seven, certify, pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002 (18 U.S.C. 1350), that, to the best of my knowledge and belief:

(1)  the  Quarterly  Report on Form 10-Q for the period ended June, 30 2004 (the
     "Periodic Report") which this statement accompanies fully complies with the
     requirements  of Section 13(a) or 15(d) of the  Securities  Exchange Act of
     1934 (15 U.S.C. 78m); and

(2)  the information  contained in the Periodic Report fairly  presents,  in all
     material  respects,  the  financial  condition and results of operations of
     ICON Cash Flow Partners L.P. Seven.

Dated:  August 16, 2004



             /s/ Thomas W. Martin
             -------------------------------------------------------
             Thomas W. Martin
             Executive Vice President (Principal
             Financial and Accounting Officer)
             ICON Capital Corp.
             General Partner of ICON Cash Flow Partners L.P. Seven