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Master Mariner
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Chaguaramas, Trinidad
 

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Once known as Hartley18
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Cool pic! :)

It's hard to tell from your pic, but it looks very similar to the fuel lighters I've seen around Singapore Harbour. If so, no they don't typically have much freeboard - and there are a few good reasons why.
 

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I've seen ships similar to that which take on water to lower the middle part below the surface to get floating cargo (like oil rig components) on-board. After that, the water is pumped out and the ship rises and takes the cargo to wherever it's going.
 
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