Hô- reið á bak bôru
borðhesti -kun vestan;
skǫrungr léta brim bíta
bǫrð, es gramr hefr Fjǫrðu.
Hôkun reið borðhesti vestan á bak bôru; skǫrungr léta bǫrð bíta brim, es gramr hefr Fjǫrðu.
Hákon rode the plank-horse [SHIP] from the west on the billow’s back; the champion did not let the ship’s stems bite the surf, for the prince [now] has Fjordane.
 skǫrungr ‘the champion’: A minor emendation from ms. ‘skonongr’ (so also Fsk 1902-3; ÍF 29). Skj B, followed by Skald, emends to konungr, but it is likelier that an uncommon word like skǫrungr would be corrupted to ‘skonongr’ than that a common one like konungr would be, especially since konungr would often have been abbreviated. In any case, at this point in his career Hákon was not a king, as the following prose in Fsk tells us, and it is difficult to see why Gunnhildr, of all people, should be imagined to have called him one.
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