The boat anchor attached to objects (eg., shapes, pictures, etc.) appears sometimes on floating objects, such as images when you click the object. Anchors indicate the specific paragraph to which an object is associated. This is important for object positioning especially when the paragraph the object is anchored to is spread over a page break.

Anchors will not appear for images/objects marked with In Line with Text wrapping. These objects/images are treated as text by the system.

All other wrapping options (see the post from earlier this week) are anchored to a particular paragraph or fixed position in the document. The anchor indicates the paragraph with which the object is associated. Select a picture, and then select the Layout Options icon to find out how your picture interacts with the text.