From your diagram it is not clear whether the thickness and properties of the semiconductor are sufficient to significantly distort the normal coax equations, which assume a homogenous material (or lack of it) between the conductors.
BTW What is the purpose of the semiconductor? Am Not sure of the semiconductor properties, but my purpose is to reduce the capacitance between the two conductors. and am not sure if there is a capacitance between the grey conductor and the saline..!!
Is it for instance connected to an earth or source of voltage? The saline is grounded, each one of the conductors are acting as an input for the system. and the semiconductor is connected to the black conductor.