Yes, this is right.
I'm not an expert on this, and I don't want to give you an inaccurate answer, but I'll tell you how I analyse this personally.
I don't see that out there attributively modifies a whale in any way. The phrase tells us something about the location of the whale's existence. That is, out there goes with there is, and not with a shark. If you reformulate the sentence as follows, it's easier to see:
Out there is a whale for us.
I don't know if that helps. I suggest you wait for PaulMatthews to respond more fully/accurately to this question.