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                  March 31, 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
--------------------------------------------------------------------------------
  (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 Rule 12b-2 of the Exchange Act) [ ] 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)
                                                          March 31,         December 31,
                                                            2004               2003
                                                            ----               ----

       Assets
       ------

<S>                                                   <C>                <C>
Cash                                                  $          87,986  $        301,256
                                                      -----------------  ----------------
Investment in finance leases and financings
   Minimum rents receivable                                     530,315           904,811
   Estimated unguaranteed residual values                     1,188,402         1,188,402
   Initial direct costs, net                                      1,299             1,299
   Unearned income                                              (51,188)          (55,036)
   Allowance for doubtful accounts                             (239,516)         (239,516)
                                                      -----------------  ----------------

                                                              1,429,312         1,799,960
                                                      -----------------  ----------------

Investment in operating leases
   Equipment at cost                                          2,565,000         6,352,370
   Accumulated depreciation                                    (416,657)       (1,614,224)
                                                      -----------------  ----------------

                                                              2,148,343         4,738,146
                                                      -----------------  ----------------

Equipment held for sale or lease, net                        16,620,508        15,569,831
                                                      -----------------  ----------------

Net investment in leveraged leases                            9,958,455        19,631,879
                                                      -----------------  ----------------

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

Investments in unconsolidated joint ventures                  3,813,303         4,000,169
                                                      -----------------  ----------------

Due from affiliates, net                                        369,071           369,071
                                                      -----------------  -----------------

Other assets, net                                               801,977           966,486
                                                      -----------------  -----------------

Total assets                                          $      39,915,713  $     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)
                                                           March 31,      December 31,
                                                             2004            2003
                                                             ----            ----

       Liabilities and Partners' Equity
       ---------------------------------

<S>                                                     <C>              <C>
Notes payable - non-recourse                            $  16,651,548    $  22,129,648
Notes payable - recourse                                   13,518,468       14,027,055
Due to General Partner and affiliates, net                    130,214           51,522
Security deposits, deferred credits and other payables        428,958          429,127
Minority interest in joint ventures                            21,483           22,871
                                                        -------------    -------------

                                                           30,750,671       36,660,223
                                                        -------------    -------------

Partners' equity (deficiency)
   General Partner                                           (757,256)        (694,873)
   Limited Partners (987,548 units outstanding,
     $100 per unit original issue price)                    9,922,298       16,098,206
                                                        -------------   --------------

     Total partners' equity                                 9,165,042       15,403,333
                                                        -------------   --------------

Total liabilities and partners' equity                  $  39,915,713   $   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

                      For the Three Months Ended March 31,

                                   (unaudited)

<TABLE>
<CAPTION>


                                                          2004                2003
                                                          ----                ----

<S>                                                 <C>               <C>
Revenues
  Finance income                                    $        3,848    $          23,022
  Rental income                                            105,624              367,686
  Income from leveraged leases, net                        700,619              599,918
  Net gain on sales of equipment and investments              -                  38,548
  Income from investments in
   unconsolidated joint ventures                           346,482              303,990
  Interest income and other                                    409                2,331
                                                   ---------------    -----------------

   Total revenues                                        1,156,982            1,335,495
                                                   ---------------    -----------------

Expenses
  Provision for impairment loss                          4,700,000              350,000
  Depreciation expense                                   1,518,259            1,379,374
  Interest                                                 404,064              693,830
  General and administrative                               242,197              364,419
  Management fees - General Partner                        377,792              442,619
  Administrative expense reimbursements-
    General Partner                                        122,256              178,516
  Amortization of initial direct costs                      31,384              128,680
  Minority interest expense                                   (679)               1,183
                                                  ----------------    -----------------

   Total expenses                                        7,395,273            3,538,621
                                                  ----------------    -----------------

Net loss                                          $     (6,238,291)   $      (2,203,126)
                                                  ================    =================

Net loss allocable to:
   Limited Partners                               $     (6,175,908)   $      (2,181,095)
   General Partner                                         (62,383)             (22,031)
                                                  ----------------    -----------------

                                                  $     (6,238,291)   $      (2,203,126)
                                                  ================    =================

Weighted average number of limited
   partnership units outstanding                           987,458              987,548
                                                  ================    =================

Net loss per weighted average
   limited partnership unit                       $          (6.25)   $           (2.21)
                                                  ================    =================

</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 Three Months Ended March 31, 2004

                                   (unaudited)



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


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

Net loss                      (6,175,908)          (62,383)       (6,238,291)
                        ----------------    --------------    --------------

Balance at
   March 31, 2004       $      9,922,298    $     (757,256)   $    9,165,042
                        ================    ==============    ==============















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 Three Months Ended March 31,

                                   (unaudited)



<TABLE>
<CAPTION>


                                                                        2004                2003
                                                                        ----                ----

<S>                                                               <C>                 <C>
Cash flows from operating activities:
   Net loss                                                       $     (6,238,291)   $    (2,203,126)
                                                                  ----------------    ---------------
   Adjustments to reconcile net loss to
     net cash used in operating activities:
       Rental income paid directly to lenders by lessees                       -             (367,686)
       Provision for impairment loss                                     4,700,000             -
       Interest expense on non-recourse financings paid
         directly by lessees and interest accreted                         241,585            425,087
       Amortization of initial direct costs                                 31,384            128,680
       Depreciation expense                                              1,518,259          1,379,374
       Income from leveraged leases, net                                  (700,619)          (249,918)
       Income from investments in unconsolidated joint ventures           (346,482)          (303,990)
       Net gains on sales of equipment and investments                         -              (38,548)
       Minority interest expense                                              (679)             1,183
       Changes in operating assets and liabilities:
         Collection of principal-non financed receivables                  328,274            145,848
         Other assets                                                      164,509            228,226
         Due to/from General Partner and affiliates                         78,692            591,853
         Security deposits, deferred credits and other payables               (169)           101,559
                                                                     -------------       ------------

         Total adjustments                                               6,014,754          2,041,668
                                                                     -------------       ------------

       Net cash used in operating activities                              (223,537)          (161,458)
                                                                     -------------        -----------

Cash flows from investing activities:
   Advances and proceeds from sales of equipment                            20,867            202,480
   Distributions received from unconsolidated joint ventures               543,628            249,724
                                                                     -------------        -----------

       Net cash provided by investing activities                           564,495            452,204
                                                                     -------------        -----------

Cash flows from financing activities:
   Cash distributions to partners                                             -            (1,246,906)
   Principal payments on notes payable - recourse debt                    (554,228)              -
                                                                     -------------        -----------

       Net cash used in financing activities                              (554,228)        (1,246,906)
                                                                     --------------       ------------

Net decrease in cash and cash equivalents                                 (213,270)          (956,160)

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

Cash and cash equivalents at end of period                        $         87,986    $       301,787
                                                                     =============        ===========

</TABLE>





                                                        (continued on next page)
<PAGE>

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

           Condensed Consolidated Statements of Cash Flows (Continued)

                                   (unaudited)

Supplemental Disclosures of Cash Flow Information

     For the three  months  ended March 31, 2004 and 2003,  non-cash  activities
included the following:


<TABLE>
<CAPTION>


                                                          2004              2003
                                                          ----              ----

<S>                                                   <C>              <C>
Principal and interest on finance
   receivables paid directly to lenders by lessees    $   5,674,044    $  4,213,432
Rental income assigned - operating lease receivables         -              367,686
Principal and interest on non-recourse
   financing paid directly to lenders by lessees         (5,674,044)     (4,581,118)
                                                      -------------    ------------

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

Transfer of investment in operating leases,
   net of accumulated depreciation,
     to equipment held for sale or lease              $   2,327,558    $  3,444,412
                                                      =============    ============


Interest paid directly to lenders by lessees
   on non-recourse financings                         $     241,585    $     425,087
Other interest paid                                         162,479          268,743
                                                      -------------    -------------

Total interest expense                                $     404,064    $     693,830
                                                      =============    =============

</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

                                 March 31, 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  November,  2002  and  the
Partnership immediately commenced its disposition period. During the disposition
period the  Partnership  has and will continue to distribute  substantially  all
distributable cash from operations and equipment sales to the partners and begin
the orderly  termination of its operations and affairs.  The Partnership has not
and will not invest in any additional finance or lease  transactions  during the
disposition  period.  During the disposition  period the Partnership  expects to
recover, at a minimum, the carrying value of its assets.

3.   Related Party Transactions

     Fees and other  expenses paid or accrued by the  Partnership to the General
Partner or its  affiliates  for the three  months  ended March 31, 2004 and 2003
were as follows:

                              2004            2003
                              ----            ----

Management fees          $    377,792     $    442,619    Charged to Operations
Administrative expense
  reimbursements              122,256          178,516    Charged to Operations
                         ------------     ------------

Total                    $    500,048     $    621,135
                         ============     ============

   As a result of the General  Partner's  review of its results of  operations
for its fiscal year ended March 31, 2004 ,  administrative  expenses incurred by
the General  Partner on behalf of the  Partnership of $60,000 were identified as
having been incurred by the General  Partner in the quarter  ended  December 31,
2003.  Accordingly,  this amount was subsequently  charged to the Partnership in
the quarter ended March 31, 2004.

     For  the  quarter  ended  March  31,  2004,  the  Partnership  had a  total
receivable of $369,071 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 total  payable of $130,214 due to the
General Partner and affiliates for  administrative  expense  reimbursements  and
rental payments received on behalf of the 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 the 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 Leases

     The Partnership has ownership interests in a DC-10-30 aircraft subject to a
leveraged lease with Federal Express through July 2004.

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


<TABLE>
<CAPTION>


                                                               March 31,           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 values                         10,200,000             14,900,000
 Initial direct costs                                               19,996                 29,411
 Unearned income                                                  (397,858)            (1,107,892)
                                                          ----------------       ----------------

                                                          $      9,958,455       $     19,631,879
                                                          ================       ================
</TABLE>


     The DC-10-30  aircraft is subject to a non-recourse  debt agreement,  which
had a balance of $9,509,095  at March 31, 2004 and has a balloon  payment due of
approximately   $9,600,000   at  lease  end,  July  2004.  As  required  by  the
non-recourse  debt  agreement  the  Partnership  entered  into a residual  value
insurance   agreement  with  an  unrelated  third  party.  Under  the  insurance
agreement,  the insurer  has the  obligation  to pay the  insured  amount to the
lender  at  lease  expiry.  The  Partnership  believes  the  insured  amount  of
$10,200,000,  as stipulated in the insurance agreement is below the current fair
market value of the aircraft. Therefore, the Partnership is currently evaluating
its options,  which includes the option to payoff the non-recourse debt at lease
end. If the  Partnership  elects to payoff the  non-recourse  debt, it would, in
effect,  cancel the insurance  agreement.  The Partnership would then be able to
remarket or sell the aircraft in line with its investment  objectives.  However,
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.

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 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.

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
("ICON Cash Flow L.L.C.  III"),  for the purpose of  acquiring  and  managing an
aircraft  which was on lease to  Continential  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
30th 2003.  Effective May 1, 2003, the aircraft was re-leased to World Airlines,
Inc. on a  "power-by-the-hour"  basis.  The Partnership and Series E contributed
99% and 1% of the cash required for such acquisition,  respectively to ICON Cash
Flow  LLC  III.  ICON  Cash  Flow  LLC  III  acquired  the  aircraft,   assuming
non-recourse debt and utilizing  contributions received from the Partnership and
L.P. Seven.


<PAGE>

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

        Notes to Condensed Consolidated Financial Statements - Continued

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.

     ICON Receivables 1997-A LLC

     In March 1997 the Partnership and affiliates,  ICON Cash Flow Partners L.P.
Six ("L.P. Six"), ICON Cash Flow Partners,  L.P., Series E ("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 LLC
("1997-A") for the purpose of securitizing  their cash flow  collections.  As of
March 31,  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 its  operations  for the three
months ended March 31, 2004 and 2003 is summarized below:

                                  Three Months Ended     Three Months Ended
                                    March 31, 2004         March 31, 2003

Net loss                           $        28,530        $        26,631
                                   ===============        ===============

Partnership's share of net loss    $         5,696        $         5,317
                                   ===============        ===============

     ICON Receivables 1997-B LLC

     In August 1997,  the  Partnership  and  affiliates,  Series E and L.P. Six,
formed ICON  Receivables  1997-B LLC ("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 received a 16.67%,  75.00%
and 8.33% interest, respectively, in 1997-B.

     Information as to the unaudited results of its operations and distributions
for the three months ended March 31, 2004 and 2003 is summarized below:

                                        Three Months Ended  Three Months Ended
                                          March 31, 2004      March 31, 2003

Net income (loss)                         $     207,614     $     (197,535)
                                          =============     ==============

Partnership's share of net income (loss)  $      34,609     $      (32,929)
                                          =============     ==============

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

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

<PAGE>

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

        Notes to Condensed Consolidated Financial Statements - Continued

     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 March 31, 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
January 23, 2010. The outstanding debt as of March 31, 2004 was $3,573,324.

     Information  as to the unaudited  results of its  operations  for the three
months ended March 31, 2004 and 2003 is summarized below:

                                    Three Months Ended     Three Months Ended
                                      March 31, 2004          March 31, 2003

Net income                            $      377,323          $       354,314
                                      ==============          ===============

Partnership's share of net income     $        1,896          $         1,780
                                      ==============          ================

     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, at a loss, for a note receivable of  (Pound)2,575,000  ($3,744,822
based upon the  exchange  rate at  December  31,  2001)  which is payable in six
installments  through  June  2004.  At March  31,  2004,  the  remaining  amount
receivable is (Pound)375,000 ($666,209 based upon the exchange rate at March 31,
2004).

     Information as to the unaudited results of its operations and distributions
for the three months ended March 31, 2004 and 2003 is summarized below:

                                      Three Months Ended   Three Months Ended
                                        March 31, 2004       March 31, 2003

Net income                             $         4,652        $      11,051
                                       ===============        ==============

Partnership's share of net income      $         1,431        $       3,400
                                       ===============        ==============

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

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

<PAGE>

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

        Notes to Condensed Consolidated Financial Statements - Continued

     ICON Cheyenne LLC

     In December  2000, the  Partnership  and three  affiliates,  L.P. Six, Fund
Eight A and 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  non-recourse  debt
balance at March 31, 2004 was $1,081,435.

     Information as to the unaudited results of its operations and distributions
for the three months ended March 31, 2004 and 2003 is summarized below:

                                          Three Months Ended  Three Months Ended
                                            March 31, 2004      March 31, 2003

Net (loss) income                           $      (301,068)    $     256,681
                                            ================    =============

Partnership's share of net (loss) income    $       (31,040)    $      26,463
                                            ================    =============

Distributions                               $     2,900,000     $     268,045
                                            ================    =============

Partnership's share of distributions        $       298,990     $      27,635
                                            ================    =============

     ICON Aircraft 24846 LLC

     In 2000, the Partnership  and two affiliates,  Fund Eight A and ICON Income
Fund  Eight B L.P.  ("Fund  Eight B"),  formed  ICON  Aircraft  24846 LLC ("ICON
Aircraft  24846")  for the  purpose  of  acquiring  an  investment  in a  Boeing
767-300ER aircraft originally leased 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 and an  assignment  of the
rental  payments  under the lease.  The lease with SAS expired in March 2003, at
which time the balance of the non-recourse  debt  outstanding 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.

     Information as to the unaudited results of its operations and contributions
for the three months ended March 31, 2004 and 2003 is summarized below:


                                         Three Months Ended   Three Months Ended
                                           March 31, 2003       March 31, 2002

Net (loss) income                         $      (958,936)      $      187,359
                                          ===============       ==============

Partnership's share of net (loss) income  $       (19,179)      $        3,747
                                           ===============       ==============

Contribution                              $       290,557       $         -
                                          ===============       ==============

Partnership's share of contributions      $         5,811       $         -
                                          ===============       ==============

<PAGE>

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

        Notes to Condensed Consolidated Financial Statements - Continued

     North Sea (Connecticut) Limited Partnership

     In 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 the  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 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 March 31, 2004 under this guarantee
was approximately $72,000.

     Information  as to the unaudited  results of its  operations  for the three
months ended March 31, 2004 and 2003 is summarized below:

                                    Three Months Ended       Three Months Ended
                                      March 31, 2004           March 31, 2003

Net income                            $      728,923           $       613,693
                                      ==============           ===============

Partnership's share of net income     $      364,461           $       306,846
                                      ==============           ===============

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

     The Partnership is the sole owner of two special purpose entities  ("SPEs")
that own five marine vessels originally on charter to affiliates of Seacor Smit.
The  financial  position  and  results  of  operations  of each of the  SPEs are
consolidated  with the  Partnership.  These  vessels are subject to  outstanding
non-recourse  debt with a lender.  Under the original loan  agreements  with the
SPEs,  all charter  revenue was paid to the lender to amortize  the  outstanding
debt.  At the end of the original  charter term of each vessel,  it was expected
that the individual  vessels would either be  re-chartered or sold with proceeds
paid to the lender until the debt was fully  repaid.  Several of the vessels had
been  re-chartered  during depressed periods of bareboat charter rates. As such,
the lender has not  received the full  payment and the  non-recourse  notes have
been  declared in default.  The total  outstanding  debt balance as of March 31,
2004 is approximately $7.25 million.

     On September 4, 2003,  the lender took control of the vessels and commenced
remarketing  efforts.  The General  Partner also continues to look for potential
sale or  re-charter  opportunities  on behalf of the SPEs.  The SPEs  remain the
titled owner of the vessels and as such are entitled to sale proceeds  above the
outstanding  debt balance  regardless of whether it is the General  Partner's or
the  lender's  remarketing  activities  that  produces a sale.  Both the General
Partner and the lender are seeking a sale in line with recent appraised  values.
A sale was  scheduled  for May 12, 2004,  which the results of the sale were not
available at the time of this filing.

     Based upon its recent  remarketing  efforts and appraisals  received by the
Partnership,  the  General  Partner  determined  that the net book  value of the
vessels approximate their current market value.

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

        Notes to Condensed Consolidated Financial Statements - Continued

     The Partnership is also the sole owner of an additional SPE that owns three
marine vessels originally on charter to affiliates of Seacor Smit. These vessels
are not subject to outstanding  non-recourse debt with a lender. As of March 31,
2004 these vessels are held for sale or lease.  As of April 1, 2004,  one of the
vessels has been  contracted  for bareboat  charter for a term expected to be at
lease sixty months.

7.   Line of Credit Agreement

     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 March 31, 2004, the  Partnership  had
$6,615,439  outstanding under the line.  Aggregate  borrowing by all Funds under
the line of credit agreement aggregated $14,039,986 on March 31, 2004.

8.   Notes Payable

     Included in notes payable - recourse is  $1,195,772  owed to ICON Cash Flow
Partners L.P., Series D an affiliate of the Partnership.  In 1997, the affiliate
financed a portion of the free cash flow relating to a leveraged  lease owned by
the Partner.  The lease expires in July of 2004 at which time all unpaid amounts
will be due to the  affiliate.  During the quarter  ended March 31,  2004,  L.P.
Seven prepaid $554,228 of the financing.


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

                                 March 31, 2004

     Item 2: General  Partner'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 notes dated
December  31, 2003  included in the  Partnership's  annual  report on Form 10-K.
Certain   statements   within  this  document  may  constitute   forward-looking
statements made pursuant to the safe harbor provision 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. Although 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.

Results of Operations for the Three Months Ended March 31, 2004 and 2003

     Revenues for the three months  ended March 31, 2004 ("2004  Quarter")  were
$1,156,982  as compared to $1,335,495 in the quarter ended March 31, 2003 ("2003
Quarter") representing a decrease of $178,513. The decrease in revenues resulted
primarily  from a decrease in rental  income of  $262,062,  decreases in gain on
sales of equipment of $38,548,  and finance  income of $19,174.  The decrease in
finance  income  resulted  primarily  from a decrease in the average size of the
Partnership's  lease  portfolio.  The decrease in gain on sales of equipment was
due to the fact that no equipment was sold in the 2004 Quarter.  These decreases
were offset by an increase in income from  investments in  unconsolidated  joint
ventures of $42,492, and income from leveraged leases of $100,701.

     Expenses for the 2004 Quarter were  $7,395,273 as compared to $3,538,621 in
the 2003  Quarter,  representing  an increase  of  $3,856,652.  The  increase in
expenses was primarily due to a provision for impairment  loss of $4,700,000 for
reasons  described  under  Note  4  of  the  condensed   consolidated  financial
statements and an increase in depreciation  expense of $138,885 due primarily to
equipment being  reclassified from finance leases to operating leases subsequent
to the 2003 Quarter. The increase in expense was partially offset by decrease in
interest  expense of $289,766 due to a decrease in the average debt  outstanding
from  the  2004  Quarter  to  the  2003  Quarter.  A  decrease  in  general  and
administrative  expenses of $122,222 was due to reductions in professional  fees
and insurance expense in the 2004 Quarter versus the 2003 Quarter. A decrease in
management fees - General Partner of $64,827,  and a decrease in  administrative
expense  reimbursements  - General Partner of $56,260  resulted from the overall
decrease in the average size of the Partnership's lease portfolio.  The decrease
in amortization of initial direct costs of $97,296 resulted from the decrease in
the average size of the Partnership's finance lease portfolio.

     Net loss for the 2004  Quarter  and the 2003  Quarter  was  $6,328,291  and
$2,203,126,  respectively. The net loss per weighted average limited partnership
unit  outstanding was $6.25 and $2.21 for the 2004 Quarter and the 2003 Quarter,
respectively.

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

                                 March 31, 2004

Liquidity and Capital Resources

     During the three  months ended March 31, 2004,  the  Partnership's  overall
cash position  decreased by $213,270.  The principal  reasons for this reduction
were cash used in operating  activities of $223,537 and principal  paid on notes
payable  -  recourse  of  $554,228.   The  Partnership   received   $543,628  in
distributions from its unconsolidated joint ventures.  Because the Partnership's
uses of cash exceeded its sources of cash during the quarter,  its liquidity was
reduced. The Partnership currently owns eight vessels which were off lease as of
March 31, 2004.  One of the vessels has since been released for sixty months.

     From time to time the Partnership will invest in industries,  equipment, or
geopolitical  regions that may be subject to outside  influences that may affect
the  Partnership's  investments.  While these  factors are  considered  when the
investments are made, unforeseen events such as those that occurred on September
11, 2001 can have  far-reaching  and  unpredictable  adverse  consequences.  The
following is a discussion of some assets that may fall into this category.

     Aircraft:  The  Partnership  is  the  lessor  of  several  aircraft  leased
throughout  the  country.  The  value  of  these  aircraft  is  subject  to  the
fluctuations of the airline industry,  which are greatly  influenced by a number
of factors  including,  but not limited  to, the global  economy,  fuel  prices,
political instability,  terrorist activity, and epidemics such as SARS. The Fund
is also the lessor of aircraft rotables, the value of which are tied directly to
the state of the aircraft market.

     Marine Equipment: The Partnership is the lessor of off-shore supply vessels
and has an  interest  in an oil rig in the Gulf of  Mexico.  The  value of these
assets are greatly, and sometimes counter-intuitively, affected by international
politics,  the global  economy,  oil prices,  political  instability,  terrorist
activity, and regional drilling activity. Some events may have a positive effect
on the oil  rig and a  negative  effect  on the  off-shore  supply  vessels  and
conversely  the same may be true of an event that has a  positive  effect on the
supply vessels, having a negative effect on the oil rig.

     On May 30 2002,  the  Partnership  entered  into a  $17,500,000  joint  and
several line of credit  agreement shared with Fund Eight A and Fund Eight B (the
"Initial  Funds"),  with  Comerica  Bank  as  lender.  Under  the  terms  of the
agreement,  the Partnership may borrow at a rate equal to the Comerica Bank base
rate plus 1% (together,  5.00% at March 31, 2004) and all  borrowings  are to be
jointly and severally  collateralized  by the present values of rents receivable
and  equipment  owned by all of the Initial  Funds  sharing in the joint line of
credit.  On December 12,  2002,  the  agreement  was amended to admit Fund Nine,
collectively  along with the Initial Funds (the "Funds"),  as a borrower sharing
the $17,500,000  joint line of credit  agreement.  The Funds have entered into a
Contribution Agreement,  dated as of May 30, 2002, as amended December 12, 2002,
pursuant  to which the Funds have agreed to  restrictions  on the amount and the
terms of their  respective  borrowings  under  the  line of  credit  in order to
minimize the risk that a Fund would not be able to repay its  allocable  portion
of the outstanding revolving loan obligation at any time, including restrictions
on any Fund  borrowing  in excess of the lesser of (A) an amount each Fund could
reasonably  expect to repay in one year out of its projected  free cash flow, or
(B) the  greater  of (i) the  Borrowing  Base (as  defined in the line of credit
agreement) as applied to such Fund,  and (ii) 50% of the net worth of such Fund.
The  Contribution  Agreement  provides  that, in the event a Fund pays an amount
under the agreement in excess of its allocable share of the obligation under the
agreement whether by reason of an Event of Default or otherwise, the other Funds
will  immediately  make a contribution  payment to such Fund in such amount that
the  aggregate  amount paid by each Fund  reflects  its  allocable  share of the
aggregate obligations under the agreement.

<PAGE>

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

                                 March 31, 2004

     The Funds'  obligations to each other under the Contribution  Agreement are
collateralized by a subordinate lien on the assets of each  participating  Fund.
The line of credit was extended for twelve  additional  months expiring December
31, 2004. As of March 31, 2004, the Partnership had $6,615,439 outstanding under
the line.  Aggregate  borrowing by all Funds under the line of credit  agreement
aggregated $14,039,986 on March 31, 2004.

     The DC-10-30  aircraft is subject to a non-recourse  debt agreement,  which
had a balance of $9,509,095  at March 31, 2004 and has a balloon  payment due of
approximately   $9,600,000   at  lease  end,  July  2004.  As  required  by  the
non-recourse  debt  agreement  the  Partnership  entered  into a residual  value
insurance   agreement  with  an  unrelated  third  party.  Under  the  insurance
agreement,  the insurer  has the  obligation  to pay the  insured  amount to the
lender  at  lease  expiry.  The  Partnership  believes  the  insured  amount  of
$10,200,000,  as stipulated in the insurance agreement is below the current fair
market value of the aircraft. Therefore, the Partnership is currently evaluating
its options,  which includes the option to payoff the non-recourse debt at lease
end. If the  Partnership  elects to payoff the  non-recourse  debt, it would, in
effect,  cancel the insurance  agreement.  The Partnership would then be able to
remarket or sell the aircraft in line with its investment  objectives.  However,
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.

     The  Partnership's   reinvestment  period  ended  November,  2002  and  the
Partnership immediately commenced its disposition period. During the disposition
period the  Partnership  had and will continue to distribute  substantially  all
distributable cash from operations and equipment sales to the partners and begin
the orderly termination of its operations and affairs.  The Partnership will not
invest in any additional  finance or lease  transactions  during the disposition
period.  During the disposition period the Partnership  expects to recover, at a
minimum, the carrying value of its assets.

     As of  March  31,  2004,  except  as  noted  above,  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.  As cash
is  realized  from  operations  and sales of  equipment,  the  Partnership  will
distribute  substantially all available cash, after retaining sufficient cash to
meet its reserve requirements and recurring obligations.  We do not consider the
impact of inflation to be material in the analysis of our overall operations.

Item 3.  Qualitative and Quantitative Disclosures About Market Risk

     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 a 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 March 31, 2004 aggregated $6,615,439.

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

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

                                 March 31, 2004

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 Manager of the
Partnership,  including  the  Principal  Executive  Officer  and  the  Principal
Financial  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 Principal Executive Officer and the Principal Financial
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  first  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  Company,  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 litigation and are not aware of
any pending or threatened litigation against the Partnership

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

(b)  Reports on Form 8-K

     None

(c)  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.

<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
                               File No. 33-94458 (Registrant)
                               By its General Partner,
                               ICON Capital Corp.



        May 17, 2004           /s/ Thomas W. Martin
------------------------       ----------------------------------------
          Date                Thomas W. Martin
                               Executive Vice President
                               (Principal Financial and Accounting Officer
                               of the General Partner of the Registrant)
<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  on Form  10-Q 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  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  officers  and I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-15e and 15d-15e) 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)   presented  in  this  quarterly   report  our  conclusions   about  the
          effectiveness  of the disclosure  controls and procedures based on our
          evaluation as of the Evaluation Date;

     d)   disclosed  in this  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  Corporate
     Manager (or persons performing the equivalent function):

     a)   all significant  deficiencies and material weaknesses in the design or
          operation of internal  control,  are  reasonably  likely to materially
          affect  the  Partnership  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:  May 17, 2004

/s/ Beaufort J.B. Clarke
-----------------------------
Beaufort J. B. Clarke
Chairman and Chief Executive Officer
ICON Capital Corp.
sole 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  on Form  10-Q 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  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  officers  and I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-15e and 15d-15e) 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)   presented  in  this  quarterly   report  our  conclusions   about  the
          effectiveness  of the disclosure  controls and procedures based on our
          evaluation as of the Evaluation Date;

     d)   disclosed  in this  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  Corporate
     Manager (or persons performing the equivalent function):

     a)   all significant  deficiencies and material weaknesses in the design or
          operation of internal  control,  are  reasonably  likely to materially
          affect  the  Partnership  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:  May 17, 2004

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


<PAGE>


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

                                 March 31, 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, that:

(1)  the Quarterly  Report on Form 10-Q for the period ended March 31, 2004 (the
     "Periodic Report") which this statement accompanies fully complies with the
     requirements  of Section 13(a) of the  Securities  Exchange Act of 1934 (15
     U.S.C. 78m) and

(2)  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:  May 17, 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)

                                 March 31, 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, that:

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

(2)  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:  May 17, 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