This is a common way for snails, crabs and other inverts to be shipped into your LFS.
When animals are shipped they respire normally as long as their gills are wet. If they are immersed in sea water, and they have a reasonably high metabolic rate (snails, clams, crustaceans, many worms), they will rapidly exhaust the oxygen from the sea water and fill the sea water with carbon dioxide. This gas is exchanged at the water surface in the bag, mostly by diffusion and some by turbulence. This is a very slow way to replenish oxygen.. Assuming some motion in the bag, this water will be partially mixed, but it will always be lower oxygen tension than is normal or optimal. Sometimes very much lower. This REALLY stresses the animal. Recovery at the end of this treatment is always somewhat iffy.
If the animals are kept moist in 100 percent humidity air, the gills are covered by a thin film of water, both carbon dioxide and oxygen can diffuse rapidly through this thin layer and the animals will survive a whole lot better than if kept submerged in water. The animals suffer no oxygen deficit and remain inactive as well. They basically just "wait it out." When put in water at the far end of the trip, they are "supposedly" ready to go...