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Captain Wolf Larsen rules the crew of his seal-hunting schooner, the Ghost, with an unyielding iron fist. While on the high seas, he takes on castaway Humphrey Van Weyden.

Maud Brewster is rescued by Wolf Larsen's ship. Humphrey warns her to keep their relationship secret. When the ship passes by Leach and Johnson's boat, Wolf orders it rammed and leaves them sinking with only one oar. They are picked up before the Ghost reaches the seal waters, but so does Death's steamer Macedonia.