In the prosperous coastal city of Bingtown, the merchant nobility known as the Old Traders owe their wealth to liveships: rare vessels carved from wizardwood that wake into sentient awareness once three generations of a family's captains have died aboard them. When Captain Ephron Vestrit dies, his ship Vivacia quickens into life, but the family's joy curdles when the ship passes not to his sailor daughter Althea, who loves the sea, but to her elder sister's husband, Kyle Haven. Disinherited and adrift, Althea sets out to prove herself worthy of reclaiming her birthright. Aboard Vivacia, Kyle forces his reluctant, priest-trained son Wintrow into service against his will, while the ambitious pirate Kennit schemes to capture a liveship of his own and crown himself king of the lawless Pirate Isles. Along a separate current, ancient sea serpents follow the ships for reasons no human understands, and on a distant beach the blinded, abandoned liveship Paragon broods in madness. Hobb braids these strands into a slow, character-driven saga of family, inheritance, trade, and the unsettling question of what a living ship truly is. The narrative shifts among many viewpoints, including the ships themselves, building a richly textured world where economic decline, shifting gender roles, and buried magic press on every household. Tensions over slavery, succession, and loyalty mount toward consequences that will reshape Bingtown and everyone bound to its enchanted fleet.