CCEC Butterfly Strategy
CCEC (Capital Clean Energy Carriers Corp.), in the Industrials sector, (Marine Shipping industry), listed on NASDAQ.
Capital Clean Energy Carriers Corp. (CCEC), an enterprise specializing in marine transport, is headquartered in Piraeus, Greece. This company delivers a wide array of shipping services across Greece, utilizing its fleet to move various commodities. These include liquefied natural gas (LNG) and containerized goods, managed through both short-term voyage charters and longer-term time charters. CCEC's vessel ownership encompasses Neo-Panamax and Panamax container ships, a cape-size bulk carrier, and LNG carriers. Beyond its maritime operations, the corporation also plays a role in the production and distribution of numerous oil and natural gas products. Its comprehensive product line features biofuels, motor oil, lubricants, petrol, crude oils, marine fuels, natural gas liquids, and petrochemicals.
CCEC (Capital Clean Energy Carriers Corp.) trades in the Industrials sector, specifically Marine Shipping, with a market capitalization of approximately $1.36B, a trailing P/E of 25.87, a beta of 0.62 versus the broader market, a 52-week range of 16.77-24, average daily share volume of 12K, a public-listing history dating back to 2007, approximately 5K full-time employees. These structural characteristics shape how CCEC stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.62 indicates CCEC has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. CCEC pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a butterfly on CCEC?
A long call butterfly buys one lower-strike call, sells two ATM calls, and buys one higher-strike call, paying a small net debit for a defined-risk position that maxes out if the underlying pins the middle strike at expiration.
CCEC snapshot
As of August 14, 2026, spot at $22.54, ATM IV 32.20%, IV rank 5.31%, expected move 9.23%. The butterfly on CCEC below is built from the end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this butterfly structure on CCEC specifically: CCEC IV at 32.20% is on the cheap side of its 1-year range, which favors premium-buying structures like a CCEC butterfly, with a market-implied 1-standard-deviation move of approximately 9.23% (roughly $2.08 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CCEC expiries trade a higher absolute premium for lower per-day decay. Position sizing on CCEC should anchor to the underlying notional of $22.54 per share and to the trader's directional view on CCEC stock.
CCEC butterfly setup
The CCEC butterfly below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CCEC at $22.54 on that close, the first option leg uses a $21.41 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CCEC chain at a 35-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 CCEC shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $21.41 | N/A |
| Sell 2 | Call | $22.54 | N/A |
| Buy 1 | Call | $23.67 | N/A |
CCEC butterfly risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
Max profit equals the wing width minus net debit times 100 (reached when the underlying pins the middle strike); max loss equals the net debit times 100. Two breakevens at lower-wing plus debit and upper-wing minus debit.
CCEC butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on CCEC. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
When traders use butterfly on CCEC
Butterflies on CCEC are pinning bets - traders use them when they expect CCEC to settle near a specific level at expiration (often the prior close, a round number, or the max-pain strike) and want defined-risk exposure to that outcome.
CCEC thesis for this butterfly
The market-implied 1-standard-deviation range for CCEC extends from approximately $20.46 on the downside to $24.62 on the upside. A CCEC long call butterfly is a pinning play: it pays maximum at the middle strike if CCEC settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current CCEC IV rank near 5.31% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on CCEC at 32.20%. As a Industrials name, CCEC options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CCEC-specific events.
CCEC butterfly positions are structurally neutral / pin (limited-risk, limited-reward); the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. CCEC positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CCEC alongside the broader basket even when CCEC-specific fundamentals are unchanged. Always rebuild the position from current CCEC chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on CCEC?
- A butterfly on CCEC is the butterfly strategy applied to CCEC (stock). The strategy is structurally neutral / pin (limited-risk, limited-reward): A long call butterfly buys one lower-strike call, sells two ATM calls, and buys one higher-strike call, paying a small net debit for a defined-risk position that maxes out if the underlying pins the middle strike at expiration. With CCEC stock at $22.54 on the most recent close, the strikes shown on this page are snapped to the nearest listed CCEC chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are CCEC butterfly max profit and max loss calculated?
- Max profit equals the wing width minus net debit times 100 (reached when the underlying pins the middle strike); max loss equals the net debit times 100. Two breakevens at lower-wing plus debit and upper-wing minus debit. For the CCEC butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 32.20%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CCEC butterfly?
- The breakeven for the CCEC butterfly priced on this page is no defined breakeven on the modeled curve at expiration, derived from the end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The CCEC market-implied 1-standard-deviation expected move in the same options snapshot is approximately 9.23%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on CCEC?
- Butterflies on CCEC are pinning bets - traders use them when they expect CCEC to settle near a specific level at expiration (often the prior close, a round number, or the max-pain strike) and want defined-risk exposure to that outcome.
- How does current CCEC implied volatility affect this butterfly?
- CCEC ATM IV is at 32.20% with IV rank near 5.31%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.