En sægnípu Sleipnir
slítr úrdrifinn hvítrar
Ránar rauðum steini
runnit brjóst ór munni.
En úrdrifinn Sleipnir sægnípu slítr brjóst, runnit rauðum steini, ór munni hvítrar Ránar.
But the spray-spattered Sleipnir <mythical horse> of the sea-peak [WAVE > SHIP] tears its breast, covered with red paint, out of the mouth of white Rán <sea-goddess>.
[1] Sleipnir: ‘sneipnir’ Tˣ
case: nom.