A young boy, Nebuchadnezzar (later Neb (shortened) and Ben (reversed)), and his dog, Denmark (named after the country in which he was found and later Den (shortened) and Ned (reversed)), are the lone survivors of the Flying Dutchman, fated to wander the earth forever immortal and youthful, helping those who need aid.

He is apparently running away from his life as an abused orphan, and accidentally slips on the Flying Dutchman as a stowaway.

One day, while the crew is off drinking in the port town of Esbjerg, a dog wanders onto the ship and is befriended by Neb.

The cruel, wild, and fearsome Captain Vanderdecken steers his ship on a long voyage to get emeralds from a dealer across the ocean, supposedly in Asia.

The ship sails to the tip of South America, the treacherous Cape Horn, and unsuccessfully attempts to pass three times.

The angel, however, realizes Nebuchadnezzar and Denmark are pure of heart and not part of the motley, now undead, crew, and has them swept overboard by a great wave.

The angel appears in a dream telling them that they must move on at the sound of a bell, which they hear jingling on the neck of a sheep walking by.

Together, Ben, Ned, Amy, Alex, and Mrs. Winn go on a treasure hunt to save the town, which is about to be converted into a limestone quarry and cement factory.