The same problem with height would also be an issue for the underwater thing. Quick googling suggests a very large container ship might have a draft of 16-17m when fully loaded. Probably you want the catenary at 20m depth then. How does a small get their pantograph (or whatever you'd call it) down to that depth, and then move forwards without the pantograph sticking 20m down creating a huge amount of drag. Not to mention how do you make the connection between the pantograph and the catenary in the (conductive) sea water?