Unlike the capacity of other channels, the capacity of the shallow water UAC channel has been seldomly addressed. Motivated by recent results in information theory, this paper investigates achievable rates of underwater acoustic OFDM systems. We consider channels where time and frequency dispersion is high enough that (i) neither the transmitter nor the receiver can have a priori knowledge of the channel state information, and (ii) intersymbol/intercarrier interference (ISI/ICI) cannot be neglected in the information theoretic treatment.