The Æsir visit Ægir and find, since Ægir apparently has a lot of kettles, that he should be their host from now on. Ægir has to agree, but on the condition that they bring a kettle large enough for him to warm the mead for all of them at once. That presents a problem, until Týr remembers a particularly large kettle in the possession of his father Hymir (contradicting Snorri Sturluson's claim that he is the son of Óðinn) (Odin). So the Æsir set off. Eventually they find Hymir's place, where Þórr (Thor) eats so much that Hymir and his guests have no alternative but to go fishing. The poem then tells the story of how Þórr almost caught the Jörmungandr, which is also recounted in the Prose Edda. Þórr shows off his strength, but Hymir taunts him and says that he could hardly be called strong if Þórr couldn't break Hymir's chalice. The chalice was a magic one and could not be broken unless slung against Hymir's head. Þórr is eventually told so and proceeds to do it. Hymir is annoyed but says that they can take the kettle and leave. There follows the obligatory slaying of hordes of giants, whereupon the Æsir leave with the kettle and booze contentedly at Ægir's place ever after (or at least until Lokasenna).
The poem contains fragments of a number of myths, and it shows. There is little structure to it, and scenes follow each other in a very rough logical order. Some of the allusions are not known from other sources and it contains unusually many kennings for an Eddic poem.