hmmm so there isn't a fulcrum...

A yacht at an angle of heel

Let's consider a boat at rest, sitting level in calm water. The boat's mass is centred on a point G, the centre of gravity, and we can think of the force of gravity as acting straight down through this point. The centroid of the boat's underwater volume is called B, the centre of buoyancy. The force of buoyancy is directed straight up through this point.

We now heel the boat over by an angle "phi". Point G doesn't move, but point B does: by heeling the boat, we've lifted her windward side out of the water and immersed her leeward side. The centre of buoyancy, B, therefore shifts to leeward.

The force of buoyancy, acting upward through B, is now offset from the force of gravity, acting downward through G. The perpendicular distance between these two forces, which by convention we call GZ, can be thought of as the length of the lever that the buoyancy force is using to try to bring the boat upright. GZ is the "righting arm".

If we draw a line straight upward from B, it will intersect the ship's centreline at a point called M, known as the "metacentre". (Strictly speaking, the term "metacentre" applies only when phi is very tiny, but a pseudo-metacentre exists at any given angle of heel.) The metacentric height is a useful quantity to know when calculating changes in trim and heel