Hljóta munk, né hlítik,
hertýs, of þat frýju,
fyr ǫrþeysi at ausa
austr vín-Gnóðar flausta.
Munk hljóta at ausa hertýs vín-Gnóðar austr fyr ǫrþeysi flausta; né hlítik frýju of þat.
It will fall to me to bale out the bilge-water of the Gnóð <ship> of the wine of the army-god [(lit. ‘bilge-water of the wine-Gnóð of the army-god’) = Óðinn > POEM > VAT > POEM] for the valiant racer of ships [SEAFARER = Hákon]; I will not endure a reproach on account of it.