Marine scientists, fishermen, and campaigners lay out the evidence that the world's oceans are being emptied and poisoned faster than they can recover. The film moves through depleted fishing grounds where trawlers now come back with a fraction of the catch they hauled a generation ago, dead zones starved of oxygen by agricultural runoff, and coral reefs bleached by warming water. Researchers explain how industrial fishing fleets, subsidized far beyond what fish stocks can sustain, have collapsed one species after another, from cod off Newfoundland to bluefin tuna in the Mediterranean. Plastic waste and chemical pollution get their own attention, traced from rivers into the open sea and up the food chain into the fish people eat. The question mark in the title is the film's real position: it presents the collapse as documented and underway, then asks whether it is already too late to reverse, weighing conservation zones and fishing quotas against the scale of the damage already done.