Current reportedly made hole contained by ship (7)
I believe the answer is:
inboard
'contained by ship' is the definition.
'current reportedly made hole' is the wordplay.
'current' becomes 'in' (I've seen this in other clues).
'reportedly' shows a homophone (sound like).
'made hole' becomes 'bored'.
'bored' is a homophone of 'board'.
'in'+'board'='INBOARD'
(Other definitions for inboard that I've seen before include "(Motor) within ship" , "housed in Hull?" , "description of boat's engine" , "Kind of boat engine" , "Within a ship's hull" .)