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A young couple buy a yacht and scoff at the rumour that it is haunted. After a few unnerving incidents they summon a professional ghost-tracker from the Institute for Investigation of Psychic Phenomena. He brings along a medium to assist him. They learn, from her mumblings while in a trance, that the last owner of the ship...in its pre-haunted days...killed his unfaithful wife and her lover before they could do as much for him, and that their bodies are still concealed below the floor boards.