[Logit hefr Baldr at Baldri]
brynþings fetilstinga,
linns, sás land á sunnar,
láðbrjótr, fyrir ráða.
Sjá mun Njǫrðr inn nørðri
(norðr) glymhríðar borða
(gramr est frœkn) ok fremri
fastmálari hôla.
[Baldr] brynþings [hefr logit at Baldri] fetilstinga, linns láðbrjótr, sás á land sunnar ráða fyrir. Sjá inn nørðri Njǫrðr glymhríðar borða mun hôla fastmálari ok fremri; gramr, est frœkn norðr.
[The Baldr <god>] of the byrnie-assembly [BATTLE > WARRIOR = Sveinn] [has broken faith with the Baldr <god>] of sword-belt stabbers [SWORDS > WARRIOR = Haraldr (= me)], the breaker of the land of the snake [(lit. ‘snake’s land-breaker’) GOLD > GENEROUS MAN = Sveinn] who has a land farther south to rule over. That, the more northerly, Njǫrðr <god> of the clashing storm of shields [BATTLE > WARRIOR = Haraldr] must be vastly more true to his word and more outstanding; lord, you are bold in the north.
[6] norðr ‘in the north’: This could technically be an adj. ‘northern’ or adv. ‘in/towards the north’, and could qualify either the warrior-kenning Njǫrðr glymhríðar borða ‘Njǫrðr of the clashing storm of shields’ (ll. 5-6), or gramr ‘lord’ (l. 7). Since the warrior is already described as inn nørðri ‘the one further north’ (l. 5) it must refer to the gramr ‘lord’ (l. 7), and since this lord is addressed with the 2nd pers. sg. est ‘you are’ it is presumably Haraldr. Otherwise it might have been tempting to take (frœkn) norðr as ‘bold [if you go] north’, a jibe at Sveinn matching the point in the first helmingr that his rightful territory is farther south.