Nús jódraugum ægis
arnar flaug (ok bauga
hygg, at heimboð þiggi
hangagoðs) of vangi.
Nús flaug arnar of vangi ægis jódraugum; hygg, at þiggi heimboð hangagoðs ok bauga.
Now there is an eagle’s flight above the field for the logs of the steed of the ocean [(lit. ‘ocean’s steed-logs’) SHIP > SEAFARERS]; I believe that they may receive an invitation from the god of the hanged [= Óðinn] and rings.
[3, 4] heimboð hangagoðs ‘an invitation from the god of the hanged [= Óðinn]’: Lit. ‘invitation of the god of the hanged’, i.e. the sea-warriors who will fall in the impending battle will be invited by Óðinn to visit him in his home, Valhǫll (‘Hall of the Slain’), where they will be entertained. — [4] hangagoðs ‘from the god of the hanged [= Óðinn]’: This is not an Óðinn-name given in Þul Óðins, and it is treated here as a kenning for Óðinn. It refers to Óðinn’s habit of sitting beneath gallows using runes to make hanged ones communicate with him (see Hávm 157). See also Hangatýr ‘god of hanged ones’, mentioned in the same section of Skm and exemplified by VGl Lv 10/1-4V (Glúm 12).