Ok fyr hǫnd í holmi
Hveðru brynju Viðris
fengeyðandi fljóða
fordæða nam ráða.
Allr gekk herr und hurðir
Hjarranda framm kyrrar
reiðr af Reifnis skeiði
ráðalfs af mar brôðum.
Ok fengeyðandi fordæða fljóða nam ráða í holmi fyr hǫnd Viðris Hveðru brynju. Allr herr ráðalfs gekk framm brôðum reiðr af skeiði Reifnis, af mar, und kyrrar hurðir Hjarranda.
And the booty-destroying evil-doer among women [= Hildr] took control on the island on behalf of the Viðrir <= Óðinn> of the Hveðra <troll-woman> of the mail-coat [AXE > WARRIOR = Hǫgni]. All the army of the control-elf [RULER = Hǫgni (?)] went forward quickly, enraged, from the ground of Reifnir <sea-king> [SEA], from the sea, beneath unwavering hurdles of Hjarrandi <= Óðinn> [SHIELDS].
[5, 8] allr herr ráðalfs ‘all the army of the control-elf [RULER = Hǫgni (?)]’: All mss’ ráðalfr (nom.) (l. 8) has been emended to ráðalfs (gen.) and construed with ‘all the army’ (l. 5) to give a ruler-kenning whose referent is probably Hǫgni, the likely referent of the warrior-kenning in the first helmingr. Finnur Jónsson (Skj B) emends to raðaralfs, deriving the first element of the cpd from rǫð ‘ship’, a noun only attested in Þul Skipa 2/7. Kock (cf. NN §217) also emends <r> to <s>, but understands the cpd noun as raðalfr ‘ship-elf’, ‘seafarer’, also deriving the first element from rǫð ‘ship’, but this is not possible because such a cpd would resolve in initial position and create a hypometrical line.