Once again, Pingu is going fishing and is determined to make a big catch. Pingu joins Pingo at the fishing holes and drops his line into the water. Pingo catches lots of fish, but Pingu cannot seem to get any anything except for a load of junk. Pingu catches a human's top hat and a big spring, but no fish. Pingu gets Pingo to keep swapping fishing holes with him, but Pingo still gets the lucky catches while Pingu only manages to fish out a rusty old bicycle wheel, a toilet seat, a broken old kettle, a worn out human's boot and a rusting perambulator.
By the end of the day, Pingo has caught loads of fish and is gloating about his amount of catches to Pingu, making him feel even worse. Then a scrap dealing penguin comes along on his tractor sledge and offers to buy of Pingu's rubbish for a large cod. Pingu delightedly agrees and as the scrap dealer loads up his tractor sledge, he shows off his big fish to Pingo who is now feeling rather jealous and annoyed. For the first time all day, Pingu feels like a very lucky penguin indeed.
- This episode is similar to Pingu and the Fishing Competition.
- Some how, Dad's screwdriver gets bent out of shape, even though it did not happen when Pingu made him jump and drop it.