A fish, with its bones and scales, is heavier than the water it displaces. Under normal circumstances, it would tend to sink.  But most bony fishes have a balloon-like sac inside their bodies called an “air bladder” that acts as a float to keep them from sinking.  The air bladder fills up with some of the oxygen dissolved in the fish’s blood.

Some fish, such as pike and catfish gulp air at the surface of the water to fill their air bladders.  A shark has no air bladder to buoy it up.  It must constantly be swimming in order to keep from sinking. – Dick Rogers