Oh okay .... And I was supposed to know that? :p
Also, yes, there would be. As in the screenshot, the ship is clearly NOT submerged. There would be air bubbles right upto the point that the entire ship's area is filled with water. That's why when we drown, the bubbles stop coming to the surface, because we have no area within our lungs. That and the fact we are probably panicing like shit under there releasing oxygen into the water.
It wouldn't just sunmerge half way then decide to stop. But as it is so close to the coast, I'm assuming it's hit the sea bed half way down? Therefore the area that can be taken by the water has already passed?