The shark seen is a loan shark, a common predatory character in films of the era.
The wooden mermaids seen are all traditionally topless, but nothing untoward is shown, due to censorship at the time.
Among the sea creatures seen are a giant clam, a swordfish, an octopus, and sea cucumbers (in the background, briefly).
This was the first Popeye cartoon photographed in Cinecolor.