From the Record of the American Bureau of Shipping,
1956:
The depth is the vertical height measured at the
middle of the length from the intersection of the
moulded line of the frames with the centerline to the
top of the beams at the side of the Upper Deck or
Freeboard Deck (i.e. the deck from which the freeboard
is measured). In wood or composite vessels the height
is measured from the lower edge of the keel rabbet,
but where the form at the lower part of the midship
section is of a hollow character, or where thick
garboards are fitted, the height is measured from the
point where the line of the flat of the bottom
continued inwards cuts the side of the keel.
Bill Worden