We combine new and published satellite observations and the results of a coupled ice-ocean model to provide the first estimate of changes in the quantity of ice floating in the global oceans and the consequent sea level contribution. Rapid losses of Arctic sea ice and small Antarctic ice shelves are partially offset by thickening of Antarctic sea ice and large Antarctic ice shelves. Altogether, 746 ± 127 km3 yr−1 of floating ice was lost between 1994 and 2004, a value that exceeds considerably the reduction in grounded ice over the same period. Although the losses are equivalent to a small (49 ± 8 μm yr−1) rise in mean sea level, there may be large regional variations in the degree of ocean freshening and mixing. Ice shelves at the Antarctic Peninsula and in the Amundsen Sea, for example, have lost 481 ± 38 km3 yr−1.