A giant cruise ship is robbed and looted by a masked gang dressed in peculiar costumes. The thieves dump the implicating loot and then assume their ???normal?? identities as ???robbed?? passengers. No clues are discovered after this perfect crime.

Through the tom-tom traffic the Phantom learns of yet another pirate threat and decides to intervene. Employing daring tactics to put himself at risk, the Phantom soon learns that this resourceful gang is planning one last heist before retiring. A ???Mr. Walker?? is a passenger by the time the ship sails...

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