Ice is less dense than water. That’s why it floats. We also know that ice occupies more volume than water. So the first thought is that the water level will rise. But the density of ice is lower than water. Thus, when the ice melts, it shrinks. but this is counterbalanced by the volume of ice that is sticking up out of the water. Thus, there will be no change in the level of the water from the melting ice.