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A tired old freighter, the Moonraker, is homeward bound from Freemantle to Mauritius. Haunted by his past, Captain Stone seeks solace in day-dreams and the gin bottle in the seclusion of his cabin. His pretty niece, Susie, flirts nervously with Australian passage worker Hank Casey and Italian mate Carlo Frascatti growls and grumbles at the motley crew. Then the calm of a humdrum voyage is shattered when the radio operator picks up the warning of a suspected cyclone ahead. The panic-stricken crew turn on their captain and abandon ship. Those left behind now begin a desperate struggle to keep the battered hulk afloat and, nearby, a small coaster and an ocean salvage tug are each determined to profit from the Mooraker's disaster.