3Fe + 4H₂O = Fe₃O₄ + 4H₂ [ H₂O being water and Fe₃O₄ being Iron Oxide, aka RUST ] Fish breathe dissolved oxygen. Dissolved oxygen is the same principle of as dissolving an asprin - it is a suspension and the composition of the water molecules is unchanged. Fish gills extract dissolved oxygen, passing the oxygen through microscopic holes into the bloodstream in the same fundamental way as lungs do for mammals. The process of changing iron to iron oxide, on the other hand, is a chemical reaction and therefore involves the alteration of molecules. That baseplate definitely looks rusty. The carrying companies did not tip the boats over on their sides and black the bottoms for the fun of it.