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Five years have elapsed. Onedin is a prisoner in a settlement in South America from where he is rescued by Captain Baines, and they return to Liverpool. Macaulay, a wealthy Australian, keen to invest in the shipping trade with South Africa, does business with the Onedin's but when the bank crashes, the Onedin's lose out as their collateral is taken. Robert loses his shop and James's ships are forfeited but he manages to get them out of port before Macaulay claims them.

James Onedin returns to Liverpool, his ships laden with grain from Turkey. The sale of this will pay off the interest on the debt and start him back on the road to solvency. As further collateral, he offers the house which he bought for Letty Gaunt and Charlotte, who will now move in with him. It is a business arrangement but Letty perhaps seeks more from him.

Five ships, all carrying iron plate, have foundered - people betting on the losses, including Mr. Dunwoody, Elizabeth's clerk, who buys the company house where Robert and Sarah live, forcing them to return to live over the shop. James accepts a cargo of iron plate and discovers the ship is being sabotaged by Kirk, a sailor in the pay of Macauley, who also sunk the other five. Whilst Elizabeth's son, William is only interested in commerce, Robert's boy, Samuel, is keen to go to sea. James returns to Liverpool and finds that Letty, tired of waiting for a marriage proposal, has gone.

Having exposed Macauley's insurance scam James proposes to Letty, who accepts. Daniel also returns to Liverpool, now a very wealthy man. Robert considers opening a department store and travels with Captain Baines and Samuel to New York, where he is robbed and very nearly press-ganged. James takes on a voyage to import some sheep but it causes him to postpone the wedding and Letty, as a consequence, declares the engagement and wedding off.

On the eve of his voyage to Montevideo Letty tells James she will marry him - in her own good time. She also gives William financial backing for his engineering schemes. Samuel meanwhile stows away on James's ship and, when caught, James sees that he is harshly treated to put him off sea-faring but the boy will not be deterred and travels on to South America, where James makes a profitable deal.

Letty tells James she invested in William's steam engine project and he buys a flour mill in her name, sailing to Pennsylvania to buy loose grain from an ex-Cavalry officer who drives a hard bargain. James gets what he wants after a drinking bout but the grain, known as dead man's cargo, starts to shift when the ship hits a storm and needs to be moved else the ship could capsize. A man dies in the process. Daniel and Elizabeth rekindle their old flame but their decision to tell William his true parentage proves to be unwise.