The draft or draught of a ship is a determined depth of the vessel below the waterline, measured vertically to its hull's lowest—its propellers, or keel, or other reference point. Draft varies according to the loaded condition of the ship. A deeper draft means the ship will have greater vertical depth below the waterline. Draft is used in under keel clearance calculations, where the draft is calculated with the available dept of water to ensure the ship can navigate safely, without grounding. Navigators can determine their draught by calculation or by visual observation.

The waterline is the line where the hull of a ship meets the surface of the water. Specifically, it is also the name of a special marking, also known as an international load line or Plimsoll line, that indicates the draft of the ship and the legal limit to which a ship may be loaded for specific water types and temperatures in order to safely maintain buoyancy, particularly with regard to the hazard of waves that may arise. Varying water temperatures will affect a ship's draft, because warm water is less dense than cold water, providing less buoyancy. In the same way, fresh water is less dense than salinated or seawater with a similar lessening effect upon buoyancy.