Previously on Berserk, after defeating the Sea God, the manga took some time out of the present to do a three-chapter flashback to Gutts during his post-Gambino, pre-Band of the Hawk life where he met a fairy for the first time. However, now it is time to get back to the present...
The chapter starts off with the boat setting sail again, escorted by the Merrows, who are apparently escorting them to Elfhelm. Below deck, Gutts is being treated by Shierke and Farnese. Farnese, feeling her usual uselessness, is happy to be able to use at least a little bit of magic to help Gutts heal. The healing is interrupted by Casca who gets up looking for the black haired child who has gone missing. The crew look for him, but he is nowhere to be found, not even by Shierke's magic. They suggest maybe he fell overboard, but with all the Merrow swimming around them, it is unlikely.
Shierke makes the connection that the child disappears during the full moon, like he has once before, suggesting he is actually a ghost. The crew has a hard time believing that, but Shierke also suggests he might be an envoy from Elfhelm meant to observe them, or even an avatar of the Flower King himself.
Back to Gutts, he is looking at his hand and remembering the words of the Skull Knight, on how the armor will slowly take everything from him. He then states his mission is almost over, remembering Casca as a strong commander before recalling that the Skull Knight said she may not wish to remember. Gutts enters angst mode.
Gutts spots branches across the moon and in the distance, where we can see the Moonlight Boy standing on them.
The chapter ends with the Moonlight Boy dissolving into space and time before becoming a shooting star over the ship.
You can read the chapter online here.