Penalise for a shipwreck around mid-June (6)
I believe the answer is:
punish
'penalise' is the definition.
(I know that penalise can be written as punish)
'shipwreck around mid-june' is the wordplay.
'shipwreck' becomes 'pish' (anagram of 'ship').
'around' indicates putting letters inside.
'mid' means to look at the middle letters (mid- can mean the middle of something).
The middle of 'june' is 'un'.
'pish' going around 'un' is 'PUNISH'.
'for a' is the link.
(Other definitions for punish that I've seen before include "Chastise" , "Discipline" , "Sentence" , "Castigate" , "Fine perhaps" .)