The story:
Relaxing on Eden, the Phantom spots a raft carrying a young girl being attacked by sharks. After a dramatic rescue operation, it transpires that the girl suffers from amnesia and that she can produce no other clue than an extremely valuable necklace.

After an investigation reveals that a private yacht called "Princess Bonabel" passed Eden shortly before the raft was spotted, the Ghost Who Walks wastes no time in catching up with the mysterious vessel at sea...