The shaft is the longer portion of the penis.
Normally it is hairless. The skin is rather elastic and freely movable. It can easily slide forwards and backwards and leaves enough room when the penis becomes erect.
The shaft is not very sensitive when you compare it to the glans. Its sensitivity is comparable to the vagina. So if you give a guy a hand job you have to assert some pressure, otherwise he won’t feel much. Guys often complain that girls are too careful.

See also: I’ve small white dots all over my penis. I never had sex. Should I seek help?