Gollkennir lét gunni
(grœðis hests) fyr vestan
(Þundr vá leyfðr til landa)
Lundún saman bundit.
Fekk, — regn Þorins rekka
rann — of þingamǫnnum,
ýglig hǫgg, þars eggjar,
Ulfkell, bláar skulfu.
Gollkennir lét bundit saman gunni fyr vestan Lundún; leyfðr Þundr hests grœðis vá til landa. Ulfkell fekk ýglig hǫgg, þars bláar eggjar skulfu of þingamǫnnum; regn rekka Þorins rann.
The gold-master [GENEROUS MAN = Eiríkr] joined battle west of London; the celebrated Þundr <= Óðinn> of the horse of the sea [SHIP > SEAFARER = Eiríkr] won lands by fighting. Ulfcytel received terrible blows, where dark blades shook over the þingamenn; the rain of the men of Þorinn <dwarf> [DWARFS > POETRY] streamed.