Though it's never mentioned in the film, the names of the penguins were "Peter" and "Polly". This was confirmed by collectible merchandise which was released to coincide with the film's release.
Two penguins attempt to woo each other, but a dispute led the female to swim off, leaving the male down in the dumps. But, some excitement comes when the male tries to save the female from a hungry shark.
A pretty sappy story overall, but the shark chase gives the cartoon some intrigue. Some funny moments as well.