diff --git a/src/lib/editor/extensions/image.ts b/src/lib/editor/extensions/image.ts
index 6b506e4..ee33dbb 100644
--- a/src/lib/editor/extensions/image.ts
+++ b/src/lib/editor/extensions/image.ts
@@ -117,6 +117,13 @@ export const Image = Node.create({
         parseHTML: el => parseCm((el as HTMLElement).getAttribute('data-wrap-offset')),
         renderHTML: () => ({}),
       },
+      // How far below its anchor paragraph the frame sits, in cm (Word's positionV
+      // posOffset, ODF svg:y). null = at the anchor.
+      wrapOffsetY: {
+        default: null,
+        parseHTML: el => parseCm((el as HTMLElement).getAttribute('data-wrap-offset-y')),
+        renderHTML: () => ({}),
+      },
     };
   },
 
@@ -130,6 +137,7 @@ export const Image = Node.create({
     const rot = (node.attrs.rotation as number) || 0;
     const wrap = (node.attrs.wrap as WrapMode) || 'inline';
     const offset = node.attrs.wrapOffset as number | null;
+    const offsetY = node.attrs.wrapOffsetY as number | null;
     const style = [
       w ? `width:${w}px` : '',
       h ? `height:${h}px` : '',
@@ -140,6 +148,7 @@ export const Image = Node.create({
       ...(rot ? { 'data-rotation': String(rot) } : {}),
       ...(wrap !== 'inline' ? { 'data-wrap': wrap } : {}),
       ...(offset != null ? { 'data-wrap-offset': String(offset) } : {}),
+      ...(offsetY != null ? { 'data-wrap-offset-y': String(offsetY) } : {}),
     })];
   },
 
@@ -157,7 +166,7 @@ export const Image = Node.create({
           const sel = state.selection;
           if (!(sel instanceof NodeSelection) || sel.node.type.name !== this.name) return false;
           // Picking a side means "put it there", so the imported offset goes with it.
-          if (dispatch) dispatch(state.tr.setNodeMarkup(sel.from, undefined, { ...sel.node.attrs, wrap, wrapOffset: null }));
+          if (dispatch) dispatch(state.tr.setNodeMarkup(sel.from, undefined, { ...sel.node.attrs, wrap, wrapOffset: null, wrapOffsetY: null }));
           return true;
         },
     };
@@ -281,12 +290,16 @@ class ImageView {
     const near = offset == null ? '0' : `${Math.round(cmToPx(offset))}px`;
     const far = offset == null ? '0'
       : `calc(${COLUMN_WIDTH_CSS} - ${Math.round(cmToPx(offset))}px - ${this.boxWidth()}px)`;
+    // Down from the anchor paragraph. Lines that fit entirely above the frame's top
+    // edge still flow there, which is what a word processor does with the same offset.
+    const offsetY = this.node.attrs.wrapOffsetY as number | null;
+    const down = offsetY == null ? null : `${Math.round(cmToPx(offsetY))}px`;
     if (wrap === 'left') {
       d.style.float = 'left';
-      d.style.margin = `0 14px 6px ${near}`;
+      d.style.margin = `${down ?? '0'} 14px 6px ${near}`;
     } else if (wrap === 'right') {
       d.style.float = 'right';
-      d.style.margin = `0 ${far} 6px 14px`;
+      d.style.margin = `${down ?? '0'} ${far} 6px 14px`;
     } else if (wrap === 'topBottom') {
       // A full-width float (not display:block — which on an inline atom node view
       // disrupts ProseMirror's view + page-break spacer widgets): text can only flow
@@ -294,7 +307,7 @@ class ImageView {
       d.style.float = 'left';
       d.style.clear = 'both';
       d.style.width = '100%';
-      d.style.margin = '6px 0';
+      d.style.margin = `${down ?? '6px'} 0 6px`;
     }
   }
 
diff --git a/src/lib/export/docx.ts b/src/lib/export/docx.ts
index bce758c..7820a17 100644
--- a/src/lib/export/docx.ts
+++ b/src/lib/export/docx.ts
@@ -314,10 +314,13 @@ function decodeDataUri(src: string): { bytes: Uint8Array; type: 'png' | 'jpg' |
 }
 
 // offsetCm places the frame in the text column (Word's posOffset); without one it is
-// flush to its side.
-function floatingFor(wrap: string, offsetCm: number | null): IFloating | undefined {
+// flush to its side. offsetYCm is how far below the anchor paragraph it sits.
+function floatingFor(wrap: string, offsetCm: number | null, offsetYCm: number | null): IFloating | undefined {
   if (wrap === 'inline') return undefined;
-  const verticalPosition = { relative: VerticalPositionRelativeFrom.PARAGRAPH, offset: 0 };
+  const verticalPosition = {
+    relative: VerticalPositionRelativeFrom.PARAGRAPH,
+    offset: offsetYCm != null ? Math.round(offsetYCm * 360000) : 0,
+  };
   if (wrap === 'topBottom') {
     return {
       horizontalPosition: { relative: HorizontalPositionRelativeFrom.MARGIN, align: HorizontalPositionAlign.LEFT },
@@ -350,12 +353,13 @@ function imageRun(node: TiptapNode): ImageRun | null {
   const rotation = typeof node.attrs?.rotation === 'number' ? node.attrs.rotation : 0;
   const wrap = String(node.attrs?.wrap ?? 'inline');
   const offsetCm = typeof node.attrs?.wrapOffset === 'number' ? node.attrs.wrapOffset : null;
+  const offsetYCm = typeof node.attrs?.wrapOffsetY === 'number' ? node.attrs.wrapOffsetY : null;
   return new ImageRun({
     type: decoded.type,
     data: decoded.bytes,
     altText: typeof node.attrs?.alt === 'string' && node.attrs.alt ? { name: node.attrs.alt, title: node.attrs.alt, description: node.attrs.alt } : undefined,
     transformation: { width, height, rotation: rotation || undefined },
-    floating: floatingFor(wrap, offsetCm),
+    floating: floatingFor(wrap, offsetCm, offsetYCm),
   });
 }
 
diff --git a/src/lib/export/odt.ts b/src/lib/export/odt.ts
index 652dbca..5e33167 100644
--- a/src/lib/export/odt.ts
+++ b/src/lib/export/odt.ts
@@ -324,7 +324,7 @@ function replacePageBreaks(doc: TiptapNode): TiptapNode {
 // bytes is ArrayBuffer-backed to match fflate's zip entry map. rotationDeg is CW;
 // wrap floats the frame at its anchor paragraph (left/right/top-bottom).
 type WrapMode = 'inline' | 'left' | 'right' | 'topBottom';
-type ImageExport = { path: string; bytes: Uint8Array<ArrayBuffer>; mimeType: string; widthCm: number; heightCm: number; alt: string; rotationDeg: number; wrap: WrapMode; wrapOffsetCm: number | null };
+type ImageExport = { path: string; bytes: Uint8Array<ArrayBuffer>; mimeType: string; widthCm: number; heightCm: number; alt: string; rotationDeg: number; wrap: WrapMode; wrapOffsetCm: number | null; wrapOffsetYCm: number | null };
 
 function base64ToBytes(b64: string): Uint8Array<ArrayBuffer> {
   const bin = atob(b64);
@@ -366,6 +366,7 @@ function imageDescriptor(node: TiptapNode, index: number, namePrefix = 'image'):
     rotationDeg: typeof node.attrs?.rotation === 'number' ? node.attrs.rotation : 0,
     wrap,
     wrapOffsetCm: typeof node.attrs?.wrapOffset === 'number' ? round3(node.attrs.wrapOffset) : null,
+    wrapOffsetYCm: typeof node.attrs?.wrapOffsetY === 'number' ? round3(node.attrs.wrapOffsetY) : null,
   };
 }
 
@@ -2473,7 +2474,7 @@ function imageGraphicStyle(img: ImageExport, index: number): string {
     `<style:graphic-properties ${imageWrapProps(img.wrap, img.wrapOffsetCm)}` +
     ` style:number-wrapped-paragraphs="no-limit"` +
     ` style:horizontal-rel="paragraph-content"` +
-    ` style:vertical-pos="top" style:vertical-rel="paragraph"/>` +
+    ` style:vertical-pos="${img.wrapOffsetYCm != null ? 'from-top' : 'top'}" style:vertical-rel="paragraph"/>` +
     `</style:style>`
   );
 }
@@ -2491,8 +2492,9 @@ function imageFrameXml(img: ImageExport, index: number): string {
   const styleName = img.wrap === 'inline' ? '' : ` draw:style-name="ImgFr${index + 1}"`;
   const x = img.wrapOffsetCm != null && img.wrap !== 'inline' && img.wrap !== 'topBottom'
     ? ` svg:x="${img.wrapOffsetCm}cm"` : '';
+  const y = img.wrapOffsetYCm != null && img.wrap !== 'inline' ? ` svg:y="${img.wrapOffsetYCm}cm"` : '';
   return (
-    `<draw:frame draw:name="Image${index + 1}"${styleName} text:anchor-type="${anchor}" draw:z-index="${index}"${dims}${x}${imageTransform(img)}>` +
+    `<draw:frame draw:name="Image${index + 1}"${styleName} text:anchor-type="${anchor}" draw:z-index="${index}"${dims}${x}${y}${imageTransform(img)}>` +
     `${inner}</draw:frame>`
   );
 }
diff --git a/src/lib/import/docx.ts b/src/lib/import/docx.ts
index 7e45b49..50e3a31 100644
--- a/src/lib/import/docx.ts
+++ b/src/lib/import/docx.ts
@@ -1187,9 +1187,10 @@ function convertDrawing(drawing: Element, ctx: Ctx): Node | null {
   if (Number.isFinite(rot) && rot) attrs.rotation = ((Math.round(rot / 60000) % 360) + 360) % 360;
 
   if (anchor) {
-    const { wrap, offsetCm } = anchorWrap(anchor, ctx);
+    const { wrap, offsetCm, offsetYCm } = anchorWrap(anchor, ctx);
     attrs.wrap = wrap;
     if (offsetCm != null) attrs.wrapOffset = offsetCm;
+    if (offsetYCm != null) attrs.wrapOffsetY = offsetYCm;
   } else {
     fitInlineImage(attrs, Math.floor(cmToPx(ctx.contentWidthCm)));
   }
@@ -1203,34 +1204,48 @@ function convertDrawing(drawing: Element, ctx: Ctx): Node | null {
 function placeholderNode(box: { w: number; h: number }, label: string, anchor: Element | undefined, ctx: Ctx): Node {
   const attrs: Record<string, unknown> = { src: placeholderImage(label, box.w, box.h), width: box.w, height: box.h, alt: label };
   if (anchor) {
-    const { wrap, offsetCm } = anchorWrap(anchor, ctx);
+    const { wrap, offsetCm, offsetYCm } = anchorWrap(anchor, ctx);
     attrs.wrap = wrap;
     if (offsetCm != null) attrs.wrapOffset = offsetCm;
+    if (offsetYCm != null) attrs.wrapOffsetY = offsetYCm;
   } else {
     fitInlineImage(attrs, Math.floor(cmToPx(ctx.contentWidthCm)));
   }
   return { type: 'image', attrs };
 }
 
-function anchorWrap(anchor: Element, ctx: Ctx): { wrap: 'left' | 'right' | 'topBottom'; offsetCm: number | null } {
-  if (anchor.getElementsByTagNameNS(WP, 'wrapTopAndBottom')[0]) return { wrap: 'topBottom', offsetCm: null };
+// How far below its anchor paragraph the frame sits. Only the paragraph- and
+// line-relative forms have a CSS equivalent (the float's top margin); page- or
+// margin-relative ones are absolute on the sheet, which a frame in flow cannot be.
+function anchorOffsetY(anchor: Element): number | null {
+  const posV = anchor.getElementsByTagNameNS(WP, 'positionV')[0];
+  const from = posV?.getAttribute('relativeFrom');
+  if (from !== 'paragraph' && from !== 'line') return null;
+  const off = parseInt(posV?.getElementsByTagNameNS(WP, 'posOffset')[0]?.textContent ?? '', 10);
+  return Number.isFinite(off) && off > 0 ? round2(off / 360000) : null;
+}
+
+function anchorWrap(anchor: Element, ctx: Ctx): { wrap: 'left' | 'right' | 'topBottom'; offsetCm: number | null; offsetYCm: number | null } {
+  const offsetYCm = anchorOffsetY(anchor);
+  const at = (wrap: 'left' | 'right' | 'topBottom', offsetCm: number | null = null) => ({ wrap, offsetCm, offsetYCm });
+  if (anchor.getElementsByTagNameNS(WP, 'wrapTopAndBottom')[0]) return at('topBottom');
   const sq = anchor.getElementsByTagNameNS(WP, 'wrapSquare')[0];
   const wt = sq?.getAttribute('wrapText');
-  if (wt === 'right') return { wrap: 'left', offsetCm: null }; // text on right ⇒ image on left
-  if (wt === 'left') return { wrap: 'right', offsetCm: null };
+  if (wt === 'right') return at('left'); // text on right ⇒ image on left
+  if (wt === 'left') return at('right');
   const posH = anchor.getElementsByTagNameNS(WP, 'positionH')[0];
   const align = posH?.getElementsByTagNameNS(WP, 'align')[0]?.textContent?.trim();
-  if (align === 'right' || align === 'outside') return { wrap: 'right', offsetCm: null };
-  if (align) return { wrap: 'left', offsetCm: null };
+  if (align === 'right' || align === 'outside') return at('right');
+  if (align) return at('left');
   const off = parseInt(posH?.getElementsByTagNameNS(WP, 'posOffset')[0]?.textContent ?? '', 10);
-  if (!Number.isFinite(off)) return { wrap: 'left', offsetCm: null };
+  if (!Number.isFinite(off)) return at('left');
   const cx = intAttr(anchor.getElementsByTagNameNS(WP, 'extent')[0], '', 'cx') ?? 0;
   // A page-relative offset counts from the sheet edge, everything else from the text
   // column — shift it there so one comparison serves both.
   const base = posH?.getAttribute('relativeFrom') === 'page' ? -cmToEmu(ctx.leftMarginCm) : 0;
   const left = off + base;
   const wrap = left + cx / 2 > cmToEmu(ctx.contentWidthCm) / 2 ? 'right' : 'left';
-  return { wrap, offsetCm: round2(left / 360000) };
+  return at(wrap, round2(left / 360000));
 }
 
 // ---- text boxes / shapes ------------------------------------------------------
diff --git a/src/lib/import/odt.ts b/src/lib/import/odt.ts
index 3b86c89..672c135 100644
--- a/src/lib/import/odt.ts
+++ b/src/lib/import/odt.ts
@@ -135,6 +135,12 @@ function applyFrameRotationAndWrap(el: Element, attrs: Record<string, unknown>,
   // column; the wrap mode alone would snap it to a side.
   const x = gp['style:horizontal-pos'] === 'from-left' ? lengthToCm(el.getAttributeNS(NS.svg, 'x')) : null;
   if (x != null && attrs.wrap && attrs.wrap !== 'topBottom') attrs.wrapOffset = Math.round(x * 100) / 100;
+  // Likewise down the page, but only against the anchor paragraph — a page-relative
+  // frame is placed absolutely, which one in the text flow cannot be.
+  const rel = gp['style:vertical-rel'];
+  const y = gp['style:vertical-pos'] === 'from-top' && (!rel || rel.startsWith('paragraph') || rel === 'line')
+    ? lengthToCm(el.getAttributeNS(NS.svg, 'y')) : null;
+  if (y != null && y > 0 && attrs.wrap) attrs.wrapOffsetY = Math.round(y * 100) / 100;
 }
 
 // A paragraph mark that declares nothing keeps the style's font, but the runs may all
diff --git a/tests/docx-roundtrip.test.ts b/tests/docx-roundtrip.test.ts
index e01c7cc..2d95892 100644
--- a/tests/docx-roundtrip.test.ts
+++ b/tests/docx-roundtrip.test.ts
@@ -49,7 +49,7 @@ describe('DOCX export → import round trip', () => {
         li(para('ml one'), { type: 'orderedList', content: [li(para('ml one-one'))] }),
         li(para('ml two')),
       ] },
-      para([{ type: 'image', attrs: { src: PNG, width: 100, height: 80, wrap: 'left', alt: 'pic' } }]),
+      para([{ type: 'image', attrs: { src: PNG, width: 100, height: 80, wrap: 'left', wrapOffsetY: 2.5, alt: 'pic' } }]),
       { type: 'textBox', attrs: { width: 288, height: 96, fillColor: '#FFFFFF', strokeColor: '#000000', strokeWidthPt: 1 }, content: [
         para('box text'),
         para([text('bold in box', [{ type: 'bold' }])]),
@@ -280,6 +280,7 @@ describe('DOCX export → import round trip', () => {
     expect(img.attrs.width).toBe(100);
     expect(img.attrs.height).toBe(80);
     expect(img.attrs.wrap).toBe('left');
+    expect(img.attrs.wrapOffsetY).toBe(2.5); // positionV posOffset, paragraph-relative
     expect(img.attrs.src.startsWith('data:image/png')).toBe(true);
   });
 
diff --git a/tests/roundtrip.test.ts b/tests/roundtrip.test.ts
index eaf26fb..4c56c80 100644
--- a/tests/roundtrip.test.ts
+++ b/tests/roundtrip.test.ts
@@ -31,10 +31,11 @@ const ROW = (...cells: N[]): N => ({ type: 'tableRow', content: cells });
 
 // A tiny valid PNG; only its bytes matter for the round-trip (no image decoding).
 const PNG = 'data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAAC0lEQVR42mNk+M9QDwADhgGAWjR9awAAAABJRU5ErkJggg==';
-const IMGN = (width: number, height: number, alt?: string, rotation?: number, wrap?: string): N =>
+const IMGN = (width: number, height: number, alt?: string, rotation?: number, wrap?: string, wrapOffsetY?: number): N =>
   ({ type: 'image', attrs: {
     src: PNG, width, height,
     ...(alt ? { alt } : {}), ...(rotation ? { rotation } : {}), ...(wrap ? { wrap } : {}),
+    ...(wrapOffsetY ? { wrapOffsetY } : {}),
   } });
 const TBX = (attrs: N, ...content: N[]): N => ({ type: 'textBox', attrs, content });
 const COLS = (attrs: N, ...content: N[]): N => ({ type: 'columns', attrs, content });
@@ -74,7 +75,7 @@ const fixture: N = {
     P(null, T('before\ttab\tafter')),
     P(null, T('logo: '), IMGN(100, 50, 'Logo')),
     P(null, T('rotated: '), IMGN(120, 80, 'Rotated', 30)),
-    P(null, T('wrapped left '), IMGN(90, 60, 'Float', 0, 'left'), T(' text flows beside it')),
+    P(null, T('wrapped left '), IMGN(90, 60, 'Float', 0, 'left', 2.5), T(' text flows beside it')),
     P(null, T('top/bottom '), IMGN(70, 50, 'Banner', 0, 'topBottom')),
     TBX({ width: 288, height: 96 }, P(null, T('box para one')), P(null, T('box '), T('bold', { type: 'bold' }))),
     TBX({ width: 192, height: 80, wrap: 'right', shapeKind: 'ellipse', fillColor: '#FFEE00', strokeColor: '#FF0000', strokeWidthPt: 2.25, rotation: 30 }, P(null, T('in ellipse'))),
@@ -269,6 +270,7 @@ describe('Leg 1: editor → buildOdt → importOdt', () => {
     check('image rotation round-trips (30°, 120×80)', rotImg?.attrs?.rotation === 30 && rotImg?.attrs?.width === 120 && rotImg?.attrs?.height === 80, rotImg?.attrs);
     const wrapImg = collectImages(res.content).find((i: N) => i.attrs?.wrap === 'left');
     check('image wrap=left round-trips', wrapImg?.attrs?.width === 90 && wrapImg?.attrs?.height === 60, wrapImg?.attrs);
+    check('image vertical anchor offset round-trips (svg:y)', wrapImg?.attrs?.wrapOffsetY === 2.5, wrapImg?.attrs);
     const tbImg = collectImages(res.content).find((i: N) => i.attrs?.wrap === 'topBottom');
     check('image wrap=topBottom round-trips', !!tbImg, tbImg?.attrs);