Apparatus for transferring fluid between first and second floating vessels is described, comprising a submerged rigid transfer arm defining a fluid conduit for receiving fluid from a first vessel, a first end of the arm attached to the first floating vessel so as to allow the arm to pivot about at least two axes, and loading apparatus located at the second end of the arm and attachable to the second floating vessel for transferring fluid from the fluid conduit to the floating vessel. The apparatus is provided with draught regulating means operable to increase and decrease the draught of at least a part of the apparatus, and a support structure, such as an outrigger arm with a fender system projecting from the rigid arm and adapted to brace the apparatus against the second floating vessel.