Here’s my translation. Alternative readings highlighted. Stumpings underlined.

Kveðja

Alan

Þorsteinn surtur bjó (búa) ferð sína af vorþingi (várþingi) en smali var rekinn eftir
Þorsteinn Black prepared for his journey from (the) Spring-Thing (assembly) but (and) (the) sheep were driven along

ströndinni. Þorsteinn skipaði ferju og gekk (ganga) þar á með tólfta mann.
the-strand (shore). Þorsteinn manned (see skipa, Z4) a ferry-boat and walked there on (ie boarded) with (the) twelth man (who carried the drinks J cricket joke) (ie with eleven other men).

Var þar Þórarinn á mágur hans og Ósk Þorsteinsdóttir og Hildur hennar dóttir er enn
Þórarinn was there on (ie on board), his son-in-law, and Ósk, Þórsteinn’s-daughter, and Hildr, her daughter, who still

fór með þeim og var hún þrevetur.
travelled with them and she was three-winter’s-old.


Þorsteinn tók útsynning hvassan. Sigla þeir inn að straumum í þann straum er
Þorsteinn took (struck) a fresh sou’westerly-gale. They sail in amongst currents in that current which

hét Kolkistustraumur. Sá er í mesta lagi þeirra strauma er á Breiðafirði eru.
is called (the) Coal-chest-current. That-one (ie that current) is in (the) greatest position (ie at the top of the list) of those currents which are in Breiðafjörðr.

Þeim tekst (takast) siglingin ógreitt (úgreiðr). Heldur það mest til þess að þá var komið útfall sjávar
The sailing begins for them unexpeditiously. That holds (ie continues) mostly for that reason that the (an) ebbing of the sea was (had) come

en byrinn ekki vinveittur því að skúraveður var á og
but (and) (the) wind was not favourable because showery-weather was upon (them) and

var hvasst veðrið þá er rauf (rjúfa) en vindlítið þess í milli. Þórarinn stýrði og hafði
the wind was fresh (strong) when (it) cleared but calm (little-wind) in between that. Þórarinn steered and had

aktaumana um herðar sér því að þröngt var á skipinu. Var hirslum mest hlaðið (hlaða)
the-braces around his shoulders because (it) was crowded on (board) the-ship. Mostly (it) was laden with chests

og varð hár farmurinn en löndin voru nær. Gekk (ganga) skipið lítið því að
and (the) load became high but (and) the-lands were near. The ship went little (ie made little headway) because

straumurinn gerðist (görast) óður að móti. Síðan sigla þeir á sker upp og brutu (brjóta) ekki
the-current became rough to-contend with (see at móti, under mót, Z4). After-that they sail up onto a skerry (rock) and (but) broke not

að. Þorsteinn bað (biðja) fella seglið sem skjótast, bað (biðja) menn taka forka og ráða af skipinu.
against (it). Þorsteinn bade to lower (take down) the-sail as soon (as possible), bade men to take poles and manoeuvre the ship off (see raða af, Z16).

Þessa ráðs var freistað og dugði eigi því að svo var djúpt á bæði
(It) was attempted of this course-of-action and (but) (it) availed not because (it) was so deep on both

borð að forkarnir kenndu eigi niður og varð (verða) þar að bíða aðfalls. Fjarar nú undan skipinu.
sides that the poles did not touch the bottom (lit: knew not down) and (they) were forced (see verða, Z7) to await there (the) rising-tide. The ship is now left aground.


Þeir sáu sel í strauminum um daginn, meira miklu en aðra. Hann fór í hring
They saw a seal in the-current during the day, bigger (meira) by far (miklu) than (the) others. He went in a ring (ie circled)

um skipið um daginn og var ekki fitjaskammur. Svo sýndist þeim öllum sem
around the ship during the day and was not short-flippered. So (it) seemed to all them like

mannsaugu væru í honum. Þorsteinn bað (biðja) þá skjóta selinn. Þeir leita við og
a man’s-eyes were in him. Þorsteinn bade them to shoot the seal. They tried-to do (it) (see leita við, Z6) and (but)

kom (koma) fyrir ekki. Síðan féll (falla) sjór að. Og er nær hafði að skipið mundi fljóta
(it) came not forth (ie it came to nothing, see koma fyrir ekki, Z4). After-that the tide rose (see falla, Z4) And when (it) had nearly (done so sufficuently?) that the ship would float

þá rekur á hvassviðri mikið og hvelfir skipinu og drukkna (drukna) nú menn allir þeir
then a great sharp-gale rises upon (them) and overturns the-ship and now all those men are drowned

er þar voru á skipinu nema einn maður. Þann rak á land með viðum. Sá hét
who were on the-ship except one man. (It) drove that-one (ie him) onto land (ashore) with (the) timbers (wreckage of the ship?). That-one was called

Guðmundur. Þar heita síðan Guðmundareyjar.
Guðmundr. There (ie that place) is-called after-that Guðmundareyjar (Guðmundr’s Islands).


Guðríður átti (eiga) að taka arf eftir Þorstein surt föður sinn, er átti (eiga) Þorkell trefill.
Guðríðr had-the-right to take (possession of the) inheritance after Þorsteinn Black, her father, who Þorkell Rag had (as a wife, ie married).

Þessi tíðindi spyrjast víða, drukknun Þorsteins surts og þeirra
These tidings are-reported widely, the drowning of Þorsteinn Black and those

manna er þar höfðu látist. Þorkell sendir þegar orð þessum manni, Guðmundi,
men who had died there. Þorkell sends at-once word to this man, Guðmundr,

er þar hafði á land komið. Og er hann kemur á fund Þorkels þá slær (slá) Þorkell
who there had come to land (ashore). And when he comes to a meeting with Þorkell, then Þorkell strikes

við hann kaupi á laun að hann skyldi svo greina frásögn um líflát manna sem
a bargain with him in secret that he should so tell (structure) the story-telling (narrative) about the loss-of-life of (the) men as

hann segði fyrir. Því játti Guðmundur. Heimtir nú Þorkell af honum frásögn
he (ie Þorkell) prescribed (see segja fyrir, Z5) . Guðmundr agreed to that. Þorkell now requests from him (the) story-telling (narrative)

um atburð þenna svo að margir menn voru hjá. Þá segir Guðmundur svo, kvað
about this event so that many men were nearby. Then Guðmundr says thus, declared

Þorstein hafa fyrst drukknað, þá Þórarin mág hans. Þá átti (eiga) Hildur að taka
Þorsteinn to have drowned first, then Þórarinn his son-in-law. Then Hildur had-the-right (was entitled to, see eiga, Z4, seems to me to fitthe sense better than Z3 here and throughout) to take

féið því að hún var dóttir Þórarins, þá kvað hann meyna (mey=mær) drukkna því að þar
(possession of) the-property because she was Þórarinn’s daughter, then (ie next) he declared the maiden (girl) drowned because there

næst var Ósk hennar arfi, móðir hennar, og lést hún þeirra síðast.
next (in line) to her in inheritance was Ósk, her mother, and she died last of them.

Bar (bera) þá féið allt undir Þorkel trefil því að Guðríður kona hans átti fé að taka
All the-property then fell to (see bera under, Z.II.6) Þorkell Rag because Guðríðr, his wife, had-(the)-right to take (possession of) the property

eftir systur sína.
after her sister.