The paper presents a simulation of loads on the hull of a segmented submerged floating tunnel (SFT) caused by surface waves. The SFT is a cylindrical tunnel, typically 20–30 m below the surface. The tunnel is connected to the seabed by vertical tethers and optionally by taut lines. The method of a Dynamic Mooring Analysis of a moored ship was applied to the SFT. The design wave loads, defined by a wave height, wave period and direction, were derived from monitoring data and used as input for the analysis. The analysis consists effectively out of two parts. In the first part a diffraction analysis of the hull of the tunnel modeled with discrete panels is used to compute pressures caused by waves from all directions in the frequency domain. With the results of this analysis, the effect of a unified wave load is known for different angles as well for different wave lengths. As a second step a time-history wave load scheme was generated using a JONSWAP spectrum converter, including phase-shifts. With this a time-history analysis of the loads on the SFT was performed computing the support forces, and the internal force and deformations in the joints, as well as the bending moments in the hull of the SFT. The methods used are a demonstration of techniques which could be applied in a design process for SFT’s.