Drums pound as the Iron Victory passes by a ship bearing the sigils of House Serry and House Tyrell, snapping the oars. Victarion leaps onto the deck of the enemy ship alone and begins laying his axe into those who charge him, most of whom are not armored like him. Soon, members of his crew join him, including Wulfe One-Ear, Ragnor Pyke, and Nute the Barber. Victarion spies the captain of the ship, Ser Talbert Serry, and moves to engage. The boy is quick, but Victarion finally grabs his sword and throws it into the sea, and then sends Ser Talbert into the water to follow it into the depths. Victarion and his men soon secure the vessel. They have smashed the Serry fleet, with only a dozen longships retreating up the Mander. Victarion asks if anyone pulled Ser Talbert out of the water, but he has drowned. He names Ragnor to command the captured ship and returns to Iron Victory. Victarion is bitter, because his victory will be credited to Euron even though he sat out the battle at Oakenshield. Victarion goes below decks and has sex with the dusky woman waiting for him there and then reflects on the victory as the woman dresses his hand wound.

The plan was devised by Euron. In older days, the ironmen had raided up the Mander as far as Bitterbridge, looting and plundering. That ended when the kings of the Reach armed the fisherfolk on the four islands at the mouth of the river and made them his shields. The fortesses of Greenshield, Greyshield, Oakenshield, and Southshield along with their attendant watchtowers have guarded the Mander for the last two thousand years. Euron sent Torwold and the Red Oarsman up the Mander with a dozen longships to draw out the defenders from the islands and then brought his main force in on the evening tide to mask it from the watchtowers as long as possible. Greyshield, Greenshield, and Southshield all fell that night, and Oakenshield had fallen by noon the next day. The battle just concluded was against the main strength of the islands, that had finally broken off their pursuit of the decoys. There are whispers that Euron was aided to his victory by wizards. Quellon Humble has told Victarion that he has three of them aboard Silence as slaves.

Victarion drinks wine and broods over Euron. He considers killing his brother, but fears the curse the Drowned God levies on any man who kills his kin. He wonders if it would just be okay to order someone else to do the deed and wishes Aeron was there to advise him, but his brother is back in the Iron Islands attempting to raise opposition to Euron among the smallfolk so they might cast him down. Lord Baelor had attempted to deny Euron as his king as well and to depart Old Wyk, but the Iron Fleet had the bay sealed off, and Victarion dutifully delivered him to Euron, who had him cut into seven parts as a mockery to Baelor's worship of the Seven. It was as a reward for this and other services that Euron had gifted him the dusky woman, who had been taken off a slaving ship bound for Lys. Victarion had refused her at first, until Euron said the girl would otherwise be killed. Her tongue has been removed, but she is otherwise undamaged and beautiful.

The Iron Fleet gets under way for Oakenshield, with Iron Victory forming a rear guard with Grief, Lord Dagon, Iron Wind, and Maiden's Bane. The final tally from the battle shows that the Iron Fleet lost six ships, including Hardhand, while capturing thirty-eight. Victarion once again thinks of Euron and tells the dusky woman he should kill the man but fears to, and also laments that Asha did not support him. She and her crew fled the very night of the kingsmoot, and Victarion hopes that she marries some northern lord and stays far away from the sea. The fleet arrives at Lord Hewett's Town on Oakenshield, where Euron sits with his main strength. As they near the shore, Victarion sees a line of women and children being led onto a cog and asks one of the men at the docks what is going on. The man explains they are women and orphans to be sold as slaves, which infuriates Victarion, as while the ironmen take thralls and saltwives, they do not sell captives for gold. Victarion makes for the castle of House Hewett, which flies a Greyjoy kraken now. In the yard, he comes across Lord Gorold, Lord Dunstan, and Lord Rodrik conferring. Nute gloats that they are victorious and Rodrik's doubts were unfounded, but the three lords argue that the ironmen cannot hope to stand against the combined might of Highgarden, which is sure to descend upon them since Euron commanded that the ravens from Lord Hewett's Town be allowed to fly.

A large feast is underway as Victarion and Nute enter the castle, and Nute is angry that Euron's men, including Lucas, Quellon, Lord Germund, and Andrik have taken all the plunder and the women while the Iron Fleet was out fighting. Victarion does not care to feast near Euron, so he takes a seat next to Ralf the Limper. Hotho tells him that Ser Harras is to be lord of Greyshield. Ser Harras took Grimston by himself. He challenged the Grimms to fight him, and slew seven men one by one before the septon yielded the castle. The feast features many choice dishes, all served by Lord Hewett's wife and her seven daughters and good-daughters in all their finery. Lord Humfrey Hewett himself sits in his accustomed place, though he is tied to his chair and has a radish stuffed in his mouth. Euron sits at the place of honor on his right with the lord's bastard daughter, Falia, on his knee. Before Euron's arrival, she had been treated as a servant, and she relishes the opportunity to torment her family. At one point, she gets Euron to order the women to continue their serving duties naked. As the festivities continue, Euron announces the new lords of the Shields, who stand to receive recognition. Ser Harras is granted Greyshield, Andrik is given Southshield, Maron is granted Greenshield, and Nute is granted Oakenshield. Victarion realizes that Euron has damaged all his main rivals at a stroke, as Nute is his right hand, Andrik is Lord Dunstan's right hand, Ser Harras is the chosen heir of Lord Rodrik, and Maron has the blood of House Hoare and could be used by Euron's enemies.

Euron leads a toast to the new lords of the Shields and then tells the assembled that they will soon set sail again for Slaver's Bay and dragons. Lord Rodrik objects, saying that the journey is too long and dangerous, and some voice agreement, including Ralf the Limper, Quellon Humble, Fralegg the Strong, Alvyn Sharp, and Red Ralf Stonehouse. They argue that the ironmen should just plunder Highgarden and the Arbor. Euron leaves the hall amid their shouts. Sometime after darkness, one of Euron's sons summons Victarion to Euron, who has taken Lord Humfrey's chambers. He laments the small dreams of the inronborn and how he can conwuer the world with dragons. He had a dragon egg once, but the Myrish wizard who claimed he could hatch it failed and was executed and he threw it into the sea douring a drak mood. He adds that Cragorn, the man who blew the dragon horn is dead and that his lungs were charred and black with soot. Euron offers Victarion some shade of the evening which he stole from a Qartheen ship. There were four warlocks on board as well; he killed one and fed him to the other three. They told him of Daenerys, whom he means to make his bride. He tells Victarion to take the Iron Fleet and bring her back. He promises to make Victarion king of the Iron Islands once he has the Iron Throne. Victarion agrees to do so, but means to take Daenerys for himself.