Captain Flint and his pirate crew capture a merchant vessel that may contain the clues needed to capture a Spanish fortune, but someone got to the clue first. Flint must win over his crew while fending off other pirates as well as the Royal Navy.
Flint reveals a thief on his crew; Silver and Max hide in a brothel; Eleanor faces a difficult choice.
Flint and Gates seek additional help in their search for the Urca d'Lima; Silver and Billy tackle a morale problem; Eleanor is impressed by Vane; Gates is promoted.
The Walrus crew suffers a disastrous undertaking; Flint receives a warning about Billy; Eleanor turns to her father for help; Vane is visited by a figure from his past.
Flint and the Walrus crew play a chess match; Richard forces Eleanor's hand; Rackham makes a career change; Bonny confesses.
Chasing the Andromache is a pricey endeavor; Eleanor needs help from Silver; Billy believes Gates should confront Flint; Bonny takes a stand.
Flint comes clean with Gates; Randall's actions cause problems for Silver; Eleanor suffers a loss; Max helps Rackham; Vane faces his biggest challenge.
The hunt for the Urca begins; things change for Eleanor; Bonny and Rackham are haunted by their past sins.