"I've seen sharks in the past and they've been quite stand-offish but this one was very fired up," he said.
"She was quite aggravated, I think she was attracted to the outboard motor and propeller."
After 20 minutes Hoey admitted defeat and found another fishing location.
Dan Hoey estimated that the shark was about 5.5m and an adult female.
Hoey's wife, Rachael, said it took a couple of days for the incident with her husband to sink in.
"When Dan came home and showed me the vision I didn't think too much of it because we are used to seeing sharks but after watching the video a couple of times it's only just hit me how full on it was," Rachel said.
"The shark tried to take a chunk out of the motor, and it left some marks and scratches."
The couple own Salty Dog Charters, a fishing business which has been operating out of Port Fairy for four years.