The War of the Spanish Succession ends, leaving thousands of Caribbean privateers unemployed. The wreck of a treasure fleet creates new opportunities.

Tensions rise between Benjamin Hornigold and Henry Jennings. Their rivalry takes a new direction when Hornigold declares Nassau a pirate republic.

Hornigold's crew deposes him for his refusal to attack English ships, but Edward Thatch remains loyal. Pirate raids on British slavers provoke outrage.

Rogers' campaign begins with the offer of a pardon, which Hornigold and Jennings accept. But not all Nassau pirates agree. Thatch adopts a new image.

Nassau comes under the control of Rogers, and the era of the pirate kingdom comes to a bloody close.