An undertaking by The Walrus crew ends in disaster. Silver warns Flint about Billy. Rackham and Bonny try to regain their livelihood. Eleanor needs help from her father. A figure from Vane's past pays a visit.
Flint and his crew of the Walrus play a deadly game of naval warfare when they engage Captain Bryson and the Andromache on the open sea to gain precious cargo. Meanwhile, Richard forces his daughter's hand about his business when he makes an announcement to the locals about his assets being liquidated, causing a mob to riot against Eleanor who seeks help from Hornigold.
Silver gives Flint the last details of the schedule with the location of the ship. Eleanor's situation changes when the supply ships get sunk in the bay. Meanwhile with Mutiny rising up aboard the Walrus, Gates makes a vital decision.