The story:
A quiet evening on Mawitaan's waterfront is rudely interrupted when a strange flotilla of fast-going skiffs emerge from the dark swamps. Within minutes the waterfront is set alight as the modern pirates make off with valuable cargo from several ships to their secret hideout.

When the Phantom receives news that the wealthy yacht marina is under attack from the same outfit, he hurries to the waterfront just in time to jump aboard a skiff and follow the trail to a surprising conclusion...