PESA,
Loading arm would provide easy operation (no need to lift heavy hoses) and greater safety for operator; but flexible hose is subject to rupture....
Loading arm will provide faster transfer rates by larger diameter; the matter can't be achieved with flexible hoses...
Loading arm will provide more reliability and durability, lower maintenance, longer life and minimum spillage waste...
Flexible hose is more flexible but is subject to wear out due to weather exposure...
Then for hazardous materials which should be transferred in relatively high rate the loading arm would be best choice...