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Archimedes' principle says the upthrust equals the weight of fluid displaced, rho.V.g. Submerging 0.015 m3 in water displaces 15 kg of water and generates 147 N of upthrust. A 12 kg object weighing 118 N therefore floats, and any object with a mean density below the fluid's will.
Buoyant force
F = rho(fluid) x V(displaced) x g
Apparent weight
W(apparent) = W - F(buoyant)
Because the hull encloses air, so the ship's average density is well below water's. Displacement is about total volume, not the density of the steel.
Not in an incompressible fluid - only on displaced volume. In air or a compressible fluid the density changes with depth, so upthrust does too.