Animated movie from the 80s

Hey there I remember a scene from an animated movie I had seen when I went to a friends birthday party back in the late 80s. I would love to be able to find this movie or show. The movie was animated and was in the style of the old Godzilla or Spiderman cartoons of the same era. The scene I remember well is that there are a bunch of people and kids on a boat or life raft on the ocean that gets attacked by a giant squid or kraken creature. The boat was yellow more like a dingy and the creature was a big orange creature with tentacles. I’ve been searching for years with nothing thought it would be worth a shot to ask here.