The titanic obviously has a red line on the bottom. But, in the scene where the boat is going by the little sail boat when it first takes off, it's missing, than it is back once again. Just watch.
Given that the change from black to red paint was meant to mark the waterline (though it is slightly above it) and how close the color change is to the water, it is understandable that the red may not always be visible. Waves can splash against the ship, and the ship can rise or fall slightly. Plus, Titanic did not float perfectly level, so the red would not always be at the same height above the water.
Also, when there is a shot if the Titanic going out from Ireland, the numbers are above sea level. But when Jack and Fabrizio are out with the dolphins, the sea level is lower. BUT they're going into deeper water, so the sesa level should have RISEN!!!
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