If liquid escapes from air cargo into the aircraft fuselage, then there is a risk of damage, including over the longer term of corrosion. Corrosion has been identified as the cause of some aircraft failures that have resulted in loss of life.
In this article I highlight the best practices for managing and containing situations where there is risk of liquids being discharged during transit on an airplane. There is also an interesting case study where an airline is handling wet cargo which is causing serious corrosion in the body of the aircraft.