I think the whole thing is red lead. with black over the top.
Yes a sub has a waterline. Very VERY important when surfaced.
Subs next to the dock have sunk because no one noticed the waterline was getting higher each day, till the water came over a hatch.
Caused by small leaks in a the MBT valves, or structure for the MBTs.
Now, the watch must keep an eye on the waterline several times during his watch.
And, once a day at daybreak a low pressure blow of the MBTs are done.
Sorry.
Main Ballast Tank
and Main Ballast Tank valve.
The structure of the Main Ballast Tank could have a crack, and leak slightly. Seeing as water goes in and out, it's not as strong as you might imagine.
Ideally, they shouldn't leak.
Once you're underwater, it doesn't matter. They are full of water. There is no where for the water to leak to. It can not go in, or out.
The same with a MBT valve. If you are underwater, it doesn't matter if they leak. The water is already in the MBT, so it can not leak in, or out.
But if you are on the surface, the MBT valve is shut. Air is blown into the MBT, causing the water to be pushed out the bottom of the MBT which is open, except for screening.
This causes your displacement to change, causing you to float.
If air then escapes through a leaking MBT structure, or the valve, the air loss will be replaced with water flowing in. This causes your displacement to change, which then causes you to slowly sink.
This one had a problem when divers were supposed to cover a water inlet so maintenance could be done, and they covered the wrong one.
Causing extensive Engine Room flooding.
They show 2 MBTs on this one. I'm not sure what they have.
We had 6 MBTs. #1 forward, then 2-6 going aft.
Each MBT was divided Port and Starboard.
We also had various VBTs, Variable Ballast Tanks.
Think of the submarine as being on a see/saw. We want it level, but it's balanced.
Move a lot of people/supplies/fuel/water one way or the other, and the submarine wants to tip/tilt.
By moving water from VBT to VBT you can keep the sub from leaning or tilting.
While moving, the "planes" sticking out the sub like wings will keep you balanced. The flow across them acts like an airplane.
But if you slow down, or "hover" those planes are useless. And if you are not balanced the sub will lose depth control.
If you tilt too far, it is difficult to walk on the floors, or go through hatches.
Also, image the MBT as a cup turned upside down and pushed into a bathtub.
The air trapped in the cup is buoyancy. However, if you tilt the cup too far, what happens to the air? If flows out the bottom because the bottom is no longer on the bottom.