There is fog out past the ship. The water close to the viewer is reflecting the sky, and is blue, while water further out is reflecting the fog. The fog above the horizon blends in with the water reflecting the fog making it hard to see the true horizon line (but it is there in the picture if you look closely). The line where this reflection changes stands out much more strongly and the eye mistakes it for the horizon line.
This page has more examples of cases where these two different effects were confused: https://www.metabunk.org/threads/debunked-fata-morgana-or-mi...
1: https://duckduckgo.com/?q=fata+morgana&iax=images&ia=images
https://i0.wp.com/www.astropt.org/blog/wp-content/uploads/20...
I can feel my brain contorting a bit.
[0] https://en.wikipedia.org/wiki/Fata_Morgana_(mirage)#/media/F...
You don’t see the keel of the ship, but only parts of it that are above the waterline, and not all of those (corollary: this ship is as good as empty)
Less impressive versions of this would show only the top of the bridge, or the entire ship and some of the water it’s floating on (actually, this image might show some water below the ship. That tiny whitish line below it could be that)