I think that the general rule is that things will sink if they are heavier/more dense than the exact same volume of water?
So, imagine the following scenario: If you put the ship and all the people/equipment in it in a box and weighed it, and then you took the exact same size box and filled it with water, if the ship is lighter, it will stay afloat. In summary, as far as I understand it, the ship will stay afloat if its average density is less than the water around it.
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