sem logi væri,
of grams flota,
þar er baugtungl
hvert við annat.
Leiðangr, glæstr gulli, var, sem logi væri of flota grams, þar er baugtungl knáttu blíkja hvert við annat yfir háreið.
The naval force, adorned with gold, was as if there were a flame above the fleet of the ruler where the shield-boss moons [SHIELDS] each shone against the other above the oarlock.
 baug‑: so all others, ‘bauð’ E
 baugtungl ‘the shield-boss moons [SHIELDS]’: Skj B adopts the E variant böðtungl ‘battle-moons’ (i.e. ‘shields’). Whereas that reading is possible, it is not supported by the other ms. witnesses.
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