Saw it last night on TV
I started watching this movie on TV, thinking it was an episode of The Outer Limits. Incidentally, it followed along with the usual storylines of TOL, and the movie looked like it had the production budget similar to an episode of TOL.
Anyway, the movie was entertaining for the most part, though I suppose not-surprisingly cheesy, particularly when it came to the part about the U.S. Navy's intervention in the problem down on the island. But my bigger criticism is the lack of explanation about the origins of the shark-man, aside from vague references to it by the Admiral and crazy-werewolf Jamaica man who claimed the monster was "part of me". Certainly, based on the length of the movie, more background should have been developed (NB: I admit, though, that I only began watching at the point where the guy on the Navy ship cuts the rope suspending the monster's crate).
Overall, though, it was entertaining as a TV movie.