At one point, still very early in the film, the male lead character can be seen reading a copy of Jules Verne's legendary novel "20,000 Leagues Under The Sea" and even later in the film the book is mentioned several times more. This wasn't a coincidental choice, as the novel (and even more so the classic 50's film starring Kirk Douglas) largely introduced and immediately popularized the notorious Kraken-monster. The Kraken, these days primarily known as the thing that swallowed Johnny Depp in "Pirates of the Caribbean", is a gigantic type of squid that can reach a size of nearly 46 feet and reigns over the darkest depths of the sea. Normally the Kraken only lives in the Northern regions, like the cold seas of Norway and Iceland, but according to the script of this low-keyed and forgettable made-for-TV creature feature, the monster can easily also dwell American ocean stretches and it suddenly even got promoted to being the guardian of ancient Greek artifacts! For you see, the Kraken's territory in "Deadly Waters" encompasses Desolation Passage because that's where the valuable opal rests in a shipwreck, and the monster attacks everyone who sails in this passage, whether their intentions are bad (like multiple treasure hunters) or harmless (like Ray's parents). This may sound like a very interesting concept for a monstrous horror movie, but "Deadly Waters" is dreadfully boring and poorly made. I anticipated the giant squid monster to be entirely computer engineered, but it's even worse that anyone could fear, as it looks like a cute and big-eyed underwater puppy. The Kraken never looks menacing, not even when its tentacles embrace a medium-sized ship. The underwater cinematography is unclear and the monster's attacks are never properly shown, for obvious reasons. At best, we see people getting thrown into the water and pulled down to the depths. With a slight bit of luck, the water even colors a bit red. The acting performances are weak and the characters totally implausible. Nicole and Jenny hardly look like brilliant archaeologists in their tiny bikinis and Jack Scalia is probably the least convincing mafia lord ever. Why did I watch this junk, I do not know. They should make a law against the spreading of TV-movies in video stores, especially when they do not indicate anywhere it's a TV movie! Director Tibor Takács might consider a late career change, as he hasn't accomplished anything special since the late 80's, when he made "The Gate" and "I, Madman".