[All]: Although it means that the term gramr ‘lord’ alludes to Óláfr in st. 4/2 but to Knútr in l. 2 of this stanza (and lið ‘fleet, army’ is also repeated from st. 3/6 with changed reference), the most likely interpretation of this stanza is that the first helmingr describes Knútr’s military defences in Denmark (or at least Zealand), and the second helmingr Óláfr’s consternation at encountering those defences.