This can happen in certain resolutions.
Hit NumDel to temporarily hide the hud in this situation.
Looks like this situation is going to be remedied
It's on Ducimius' list for the next patch
http://www.subsim.com/radioroom/show...postcount=2590
http://www.subsim.com/radioroom/show...postcount=2592
Until then, hide the HUD as a workaround