After a mixup at the check-in, Aimo Niemi boards a charter plane bound for the sunny island of Rhodes, Greece, instead of the Innsbruck Winter Olympics he's packed for. It's the early days of package tourism, and he is too shy and clueless to really sort out any of his problems — a suitcase filled with women's clothes, a flirtatious female roommate, and no money to buy food since he was prepared for full room & board in Austria.
Singer Olive Oyl needs an accompanist, and both Popeye and Bluto apply for the job.
Despite the title, the vehicles here are airplanes, not balloons. Bluto and Popeye are racing around the world; Bluto's got a sort of rocket plane, and Popeye's got a sad old prop model that has to be hand-started. He gets off to a bad start, as Bluto spins the prop, getting Popeye tangled up in it. This knocks him out; Olive puts him into his plane and gives him a push, and Popeye wakes up in the nick of time. Bluto stops off at the Eiffel Tower to woo a maiden; Popeye, with help from a lightning bolt, passes him. Bluto catches up again, and removes Popeye's engine. The plane crashes into the ocean, but fortunately, there's a case of spinach and a giant magnet nearby, so Popeye rebuilds the plane, using spinach cans to replace the missing pistons, and wins the race, as his spinach exhaust fries Bluto's plane.
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