The chapter begins with the narrator in a state of extreme physical distress, adrift in a "coracle" near the south end of Treasure Island. He describes being "wracked by thirst" and helplessly tossed by "giant waves." The situation is dire; he realizes that his lack of paddling ability would lead to him being "drowned or dashed to death on sharp rocks." During this period of confusion, he observes creatures on the rocks that he initially mistakes for "giant slugs," only to later realize they are "sea lions barking in the sun." His attempt to reach the "cape of the woods" is thwarted by the relentless currents and the "terrible sun," which leaves his "brain burning" and his "throat dry," forcing him to drift past his intended landing point.
As the narrator rounds the next cape, he encounters an "incredible sight": the Hispaniola under full sail. His initial confusion regarding the ship's erratic movements—whether it was fleeing, chasing him, or under the control of sleeping sailors—eventually gives way to a realization. He observes the ship "weighing back and forth" and concludes that "no one was steering it." The crew had either "abandoned ship" or were hiding "below decks." This realization sparks a daring ambition in him: the hope to "take the ship" and "give it back to its captain."
Fueled by the thought of potentially tying up "frightened pirates" and taking the wheel, the narrator maneuvers his coracle toward the massive vessel. He notes the "shiny brass fixtures" of the ship, which appear deceptively accessible. The situation becomes critical when the wind dies and the ship begins to spin. As the vessel drifts, the "bowsprit, a wooden beam that jutted out in front of the ship," moves directly over his head. In a moment of high tension, the narrator describes how he "jumped like a rocket from the boat into the air," successfully catching the beam. The success of his jump is immediately punctuated by the destruction of his small craft, as the Hispaniola rises and crashes down, "crushing it." The chapter concludes with the narrator stranded on the Hispaniola, fully aware that he now has "no way back home but upon" the ship he has just boarded.