SHIP Collar Strategy
SHIP (Seanergy Maritime Holdings Corp.), in the Industrials sector, (Marine Shipping industry), listed on NASDAQ.
Seanergy Maritime Holdings Corp., a shipping company, engages in the seaborne transportation of dry bulk commodities worldwide. It operates a fleet of 17 Capesize vessels with a cargo-carrying capacity of approximately 3,011,083 deadweight tons. The company was formerly known as Seanergy Merger Corp. and changed its name to Seanergy Maritime Holdings Corp. in July 2008. Seanergy Maritime Holdings Corp. was incorporated in 2008 and is based in Athens, Greece.
SHIP (Seanergy Maritime Holdings Corp.) trades in the Industrials sector, specifically Marine Shipping, with a market capitalization of approximately $337.6M, a trailing P/E of 16.14, a beta of 1.02 versus the broader market, a 52-week range of 5.81-16.81, average daily share volume of 293K, a public-listing history dating back to 2008, approximately 93 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 1.02 places SHIP roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. SHIP pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on SHIP?
A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot.
Current SHIP snapshot
As of May 15, 2026, spot at $15.88, ATM IV 52.40%, IV rank 7.10%, expected move 15.02%. The collar on SHIP below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 63-day expiry.
Why this collar structure on SHIP specifically: IV regime affects collar pricing on both sides; compressed SHIP IV at 52.40% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 15.02% (roughly $2.39 on the underlying). The 63-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 $15.88 per share and to the trader's directional view on SHIP stock.
SHIP collar setup
The SHIP collar 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 near $15.88, the first option leg uses a $17.00 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 63-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) |
|---|---|---|---|
| Buy 100 shares | Stock | $15.88 | long |
| Sell 1 | Call | $17.00 | $1.70 |
| Buy 1 | Put | $15.00 | $1.79 |
SHIP collar risk and reward
- Net Premium / Debit
- -$1,597.00
- Max Profit (per contract)
- $103.00
- Max Loss (per contract)
- -$97.00
- Breakeven(s)
- $15.97
- Risk / Reward Ratio
- 1.062
Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium.
SHIP collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar 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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -99.9% | -$97.00 |
| $3.52 | -77.8% | -$97.00 |
| $7.03 | -55.7% | -$97.00 |
| $10.54 | -33.6% | -$97.00 |
| $14.05 | -11.5% | -$97.00 |
| $17.56 | +10.6% | +$103.00 |
| $21.07 | +32.7% | +$103.00 |
| $24.58 | +54.8% | +$103.00 |
| $28.09 | +76.9% | +$103.00 |
| $31.60 | +99.0% | +$103.00 |
When traders use collar on SHIP
Collars on SHIP hedge an existing long SHIP stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
SHIP thesis for this collar
The market-implied 1-standard-deviation range for SHIP extends from approximately $13.49 on the downside to $18.27 on the upside. A SHIP collar hedges an existing long SHIP position with a protective put while financing the put cost via a short call; when the premiums roughly offset, the collar acts as a near-zero-cost insurance band around the current spot. Current SHIP IV rank near 7.10% 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 52.40%. 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 collar positions are structurally neutral (protective); 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. Always rebuild the position from current SHIP chain quotes before placing a trade.
Frequently asked questions
- What is a collar on SHIP?
- A collar on SHIP is the collar strategy applied to SHIP (stock). The strategy is structurally neutral (protective): A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot. With SHIP stock trading near $15.88, the strikes shown on this page are snapped to the nearest listed SHIP chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are SHIP collar max profit and max loss calculated?
- Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium. For the SHIP collar priced from the end-of-day chain at a 30-day expiry (ATM IV 52.40%), the computed maximum profit is $103.00 per contract and the computed maximum loss is -$97.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a SHIP collar?
- The breakeven for the SHIP collar priced on this page is roughly $15.97 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current SHIP market-implied 1-standard-deviation expected move is approximately 15.02%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on SHIP?
- Collars on SHIP hedge an existing long SHIP stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
- How does current SHIP implied volatility affect this collar?
- SHIP ATM IV is at 52.40% with IV rank near 7.10%, 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.