Poetry is called the blood of Kvasir, the ship of dwarves, and the catch of Odin. These circumlocutions allude to the tale of the sacred mead, created from the blood of Kvasir and ultimately won by Odin on behalf of the gods.
Skáldskapr er kallaðr blóð Kvasis, þvíat dvergar Fjalarr ok Galarr drápu Kvasi ok blendu blóð hans við hunang ok gerðu þar af mjoðinn er gefr vísðóm þeim er drekkr.
Poetry is called the blood of Kvasir, for the dwarves Fjallar and Gallar slew Kvasir and mixed his blood with honey and made from it the mead that gives wisdom to whoever drinks.
Skáldskapr heitir ok skip dverga ok fangr Óðins. Óðinn stól mjoðinn frá jötni Suttungi ok fór með hann til Ásgarðs í arnarham. Þar af er skáldskaprinn kallaðr fangr eða far Óðins.
Poetry is also called the ship of dwarves and the catch of Odin. Odin stole the mead from the giant Suttung and carried it in eagle-shape to Asgard. Therefore poetry is called the catch or the journey of Odin.