Warlord 24 (Aug 79) contains another single issue story by Grell and Colletta. These have made a pleasant enough change from the long arcs that have characterized the book up to this point. The epilogue features a deadly monster killing a thief, a sign that another continuing storyline is about to begin.
Travis Morgan starts off this issue aboard a ship, which gets attacked by pirates. In the fray he winds up falling overboard, and the ships move far beyond him.
Morgan would have drowned, but a sea woman, Ligia, rescues him and brings him to her underwater kingdom. She lives there in a bubble of air, so Morgan is safe. She heals him, and they spend a lot of time together, montaged over a few pages, and fall in love.
Then some nasty sea creatures show up and attack Ligia. Morgan fights them off, but get seriously wounded in the process.
Ligia, in order to save him, must use up all of her magic. This not only destroys the air bubble, but turns her into a dolphin, unable to ever regain human form. Morgan survives, but has no idea what happened to Ligia. We see her, now an animal, swim past the ruins of her castle.