The story:
The Phantom is onboard the east-bound steamer "Queen of Suez' when pirates board the ship. Having looted the ship and kidnapped young Trudi and her companion, Baron Grover and his henchmen make their way back to Grover Island on board the yacht "Shark's Nest' with the Phantom as a stowaway.

Managing briefly to evade his captors in order to summon help via the radio, The Phantom must hold out against impossible odds until a government destroyer can reach the remote island in 48 hours' time.