You must feed the Hungry Luma outside the Kitchen, 600 Star Bits before you can attempt this star. When you arrive, talk to the elder penguin. He tells you he can't get any fish because of the big eels underwater disturbing the fish. Find a shell and go underwater. The main hazards include Torpedo Teds, lava jets, and the Eels themselves. On another note, there are some chests below and some of them contain a spiked cheep-cheep that will immediately go for you without warning. Try to get a Red Shell without getting hit by a Torpedo Ted, go find a Eel, and toss it at it. Repeat this twice more with the other two. The star will appear underwater above a wrecked pirate ship.