rennandi ráfáka
‘the drivers of the sail-yard-steeds’ = SEAFARERS = Flosi and his men
the sail-yard-steeds? → SHIPS
the drivers of SHIPS → SEAFARERS = Flosi and his men
veiti-Njǫrðr víð*eims
‘to the giving-Nirðir of the ocean-flame’ = GENEROUS MEN = Flosi and his men
the ocean-flame → GOLD
to the giving-Nirðir of the GOLD → GENEROUS MEN = Flosi and his men
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