You are correct
There's in my context meant "There are" the apostrophe replacing multiple letters. It could mean "there is" but that would only replace the letter "i" (and a space)
For a while I was teaching English as a foreign language (TEFL) and the apostrophe, semi-colons, colons and yyphens were the most difficult concepts to teach and explain. Made more difficult for me as I only took up TEFL to meet young foreign women to shag and was often distracted in a lesson.