SHIP Cash-Secured Put Strategy
SHIP (Seanergy Maritime Holdings Corp.), in the Industrials sector, (Marine Shipping industry), listed on NASDAQ.
Seanergy Maritime Holdings Corp. is an international shipping firm dedicated to the oceanic conveyance of dry bulk materials. Established in 2008, this Greek-headquartered company oversees an extensive fleet of seventeen Capesize vessels. These ships collectively provide a significant carrying capacity, approximately 3,011,083 deadweight tons. The corporation was initially founded under the name Seanergy Merger Corp., adopting its current identity, Seanergy Maritime Holdings Corp., in July of its inaugural year. Its principal operations are based in Athens, Greece.
SHIP (Seanergy Maritime Holdings Corp.) trades in the Industrials sector, specifically Marine Shipping, with a market capitalization of approximately $354.1M, a trailing P/E of 5.92, a beta of 0.98 versus the broader market, a 52-week range of 7.21-18.48, average daily share volume of 245K, a public-listing history dating back to 2008, approximately 96 full-time employees. These structural characteristics shape how SHIP stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.98 places SHIP roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 5.92 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price. SHIP pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a cash-secured put on SHIP?
A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike.
SHIP snapshot
As of August 14, 2026, spot at $16.82, ATM IV 42.10%, IV rank 4.45%, expected move 12.07%. The cash-secured put on SHIP 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 cash-secured put structure on SHIP specifically: SHIP IV at 42.10% is on the cheap side of its 1-year range, which means a premium-selling SHIP cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 12.07% (roughly $2.03 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 SHIP expiries trade a higher absolute premium for lower per-day decay. Position sizing on SHIP should anchor to the underlying notional of $16.82 per share and to the trader's directional view on SHIP stock.
SHIP cash-secured put setup
The SHIP cash-secured put below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With SHIP at $16.82 on that close, the first option leg uses a $15.98 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SHIP 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 SHIP shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $15.98 | N/A |
SHIP cash-secured put 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 premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
SHIP cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on SHIP. 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 cash-secured put on SHIP
Cash-secured puts on SHIP earn premium while a trader waits to acquire SHIP stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning SHIP.
SHIP thesis for this cash-secured put
The market-implied 1-standard-deviation range for SHIP extends from approximately $14.79 on the downside to $18.85 on the upside. A SHIP cash-secured put lets a trader earn premium while waiting to acquire SHIP at the strike price; the strategy is most attractive when the trader is comfortable holding the underlying at that level and IV is rich enough to compensate for the assignment risk. Current SHIP IV rank near 4.45% 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 SHIP at 42.10%. As a Industrials name, SHIP options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SHIP-specific events.
SHIP cash-secured put positions are structurally neutral to slightly bullish; 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. SHIP positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SHIP alongside the broader basket even when SHIP-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on SHIP carry tail risk when realized volatility exceeds the implied move; review historical SHIP earnings reactions and macro stress periods before sizing. Always rebuild the position from current SHIP chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on SHIP?
- A cash-secured put on SHIP is the cash-secured put strategy applied to SHIP (stock). The strategy is structurally neutral to slightly bullish: A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike. With SHIP stock at $16.82 on the most recent close, the strikes shown on this page are snapped to the nearest listed SHIP chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are SHIP cash-secured put max profit and max loss calculated?
- Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium. For the SHIP cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 42.10%), 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 SHIP cash-secured put?
- The breakeven for the SHIP cash-secured put 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 SHIP market-implied 1-standard-deviation expected move in the same options snapshot is approximately 12.07%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a cash-secured put on SHIP?
- Cash-secured puts on SHIP earn premium while a trader waits to acquire SHIP stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning SHIP.
- How does current SHIP implied volatility affect this cash-secured put?
- SHIP ATM IV is at 42.10% with IV rank near 4.45%, 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.