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>.
[2] úrdrifinn: vindriðinn Tˣ, U, B
[2] úrdrifinn ‘spray-spattered’: The variant reading, vindriðinn ‘wind-ridden, wind-oppressed’ (mss Tˣ, U, B), is also possible.