A buoy for use in loading or unloading a flowable medium, especially oil from a vessel at sea. The buoy includes an outer member and a central member rotatably mounted in the outer member. The central member forms a passage for the flowable medium from the lower end of the buoy which is connected to a transfer line to a tube system within the vessel. The outer member is received and latched in an opening in the bottom of the vessel. The central member is connected to the tube system by a swivel means coupled to the upper end of the central member by a flexible joint which allows angular displacement about the axis of connection.