SHIP Covered Call 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 covered call on SHIP?
A covered call pairs long stock with a short out-of-the-money call, collecting premium and capping upside above the short strike in exchange for income.
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 covered call 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 covered call structure on SHIP specifically: SHIP IV at 52.40% is on the cheap side of its 1-year range, which means a premium-selling SHIP covered call collects less credit per unit of strike-width risk, 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 covered call setup
The SHIP covered call 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 |
SHIP covered call risk and reward
- Net Premium / Debit
- -$1,418.00
- Max Profit (per contract)
- $282.00
- Max Loss (per contract)
- -$1,417.00
- Breakeven(s)
- $14.18
- Risk / Reward Ratio
- 0.199
Max profit equals short-strike minus cost basis plus premium times 100; max loss is cost basis minus premium (at zero). Breakeven is cost basis minus premium.
SHIP covered call payoff curve
Modeled P&L at expiration across a range of underlying prices for the covered call 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% | -$1,417.00 |
| $3.52 | -77.8% | -$1,065.99 |
| $7.03 | -55.7% | -$714.99 |
| $10.54 | -33.6% | -$363.98 |
| $14.05 | -11.5% | -$12.98 |
| $17.56 | +10.6% | +$282.00 |
| $21.07 | +32.7% | +$282.00 |
| $24.58 | +54.8% | +$282.00 |
| $28.09 | +76.9% | +$282.00 |
| $31.60 | +99.0% | +$282.00 |
When traders use covered call on SHIP
Covered calls on SHIP are an income strategy run on existing SHIP stock positions; traders typically sell calls at 25-35 delta with 30-45 days to expiration to balance premium against upside cap.
SHIP thesis for this covered call
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 covered call collects premium on an existing long SHIP position, trading off upside above the short call strike for immediate income; the short strike selection should reflect the trader's view on whether SHIP will breach that level within the expiration window. 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 covered call 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 covered call 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 covered call on SHIP?
- A covered call on SHIP is the covered call strategy applied to SHIP (stock). The strategy is structurally neutral to slightly bullish: A covered call pairs long stock with a short out-of-the-money call, collecting premium and capping upside above the short strike in exchange for income. 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 covered call max profit and max loss calculated?
- Max profit equals short-strike minus cost basis plus premium times 100; max loss is cost basis minus premium (at zero). Breakeven is cost basis minus premium. For the SHIP covered call priced from the end-of-day chain at a 30-day expiry (ATM IV 52.40%), the computed maximum profit is $282.00 per contract and the computed maximum loss is -$1,417.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a SHIP covered call?
- The breakeven for the SHIP covered call priced on this page is roughly $14.18 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 covered call on SHIP?
- Covered calls on SHIP are an income strategy run on existing SHIP stock positions; traders typically sell calls at 25-35 delta with 30-45 days to expiration to balance premium against upside cap.
- How does current SHIP implied volatility affect this covered call?
- 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.