A lightweight constructed navigation buoy, and method for handling the same, is provided with waterborne stability comparable to the conventional and much heavier navigation buoys. The desired waterborne stability is achieved using a liquid-ballasting/-venting system in which a ballasting compartment and a connection cooperate to allow a liquid ballast to be added and/or removed from the ballasting compartment. The position-accuracy of said buoy can be improved by incorporating the liquid ballasted buoy with a high-strength, flexible, elastic tether providing a scope of between 1.5-to-1 and 1-to-1 at high water.