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1) This term in shipping = A vessel which loses buoyancy and descends until it rests on the bottom or submerges as far as it can under the surface of the water.

It is not necessary that it disappears entirely beneath the surface, since a vessel may sink in shallow waters and still have its superstructure exposed.

2) This term in recreational boating = A vessel that is completely submerged and requires salvage flotation to be raised.

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