Earl Molar, an employee at the Center for Inland Waters, is puzzled by the recent an inexplicable depletion of fish from his local marina. As the annual "Around The Bay" sailing race draws nearer, however, Earl discovers that the culprit behind the shortage of fish is, in fact, a deadly bull shark brought to the marina by a freighter. Furthermore, Earl's life is complicated by his love for the lovely Oceana Anchor and the meddling of newspaper reporter Lola Dent, who is investigating the finances of Earl's father, Drip. To make matters worse, Earl discovers that Drip is depending upon the prize money from the race to pay off his massive debts. Now Earl and the love of his life, Oceana, must try to convince their parents, the owners of two local feuding yacht clubs, to listen to their warnings about the now hungry teenage bull shark and stop the vicious attacks before they become its victims!