This was one of the games I discovered with MAME in 2004, and I was amazed by the graphics. The Irem team who made this apparently also made the Metal Slug games. This seems plausible, the graphical style is certainly very similar.
My wiki has a 2005 entry about MAME emulation of various games, among them 'In the Hunt'. I created a scoreboard that included this game for some reason. I described it as a 'submarine shooter with beautiful graphics'.
2014-07-09: Found an old MAME save state on my old Dell Inspiron 510m laptop.