What affects the level at which a ship floats in the water?
The level at which a ship floats in the water is affected by
- the weight of the ship and
- the weight of the water displaced by the portion of the hull that is below the water level.
Any ship you see at rest on the water:
If its weight is
#W#, the weight of the water that was pushed aside as the ship settled (to a stable amount of draft) is also #W#.
It is a balance between the weight of the ship being pulled down by gravity and the water's attempt to regain its rightful location.
I hope this helps,