The chapter starts in the town of Fletz. The party has come here in search of Lloyd, from their tip from Emperor Doel. They search the city, but find no trace of him. However, while asking around, they find that a man there named Fester knows information about the Black Monster. They go to him and learn that there is a link between the Black Monster and the Moon That Never Sets. Then they must find a place to stay for the night, as they are not allowed to leave town due to the bandits, the Gehrich Gang, that ambush people in the night.
In the morning, they leave to search another town, Donau, for Lloyd. They depart and start their journey through The Barrens. On the way, they are themselves ambushed by bandits, only manage to keep their valuables, except for Dart's Dragoon Spirit, stolen by Mappi. Frustrated but helpless, the party continues to Donau.
Here they find that Lloyd is still evasive as ever. Sadly, they also find that the town is controlled by bandits. The mayor's son, Lynn, has decided to go speak to the leader of the bandits to solve this problem, leaving his fiancé Kate worried out of her mind. The party takes this problem to the mayor and agree to go save him from bandits since they needed the Dragoon Spirit anyway. On their way out, they come across a new character: Meru. She insists on accompanying them on their journey, as well as telling them that they need a pass from the king to go to the bandits. So together, they head back for Fletz.
Upon entering, they are stymied because the guards will not let them into the castle. However, Fester saves them, as he is Princess Lisa's governor. They go in and see the king, who lets them have a pass for the Valley of Corrupted Gravity. Then Princess Lisa calls the party and asks them that while they are with the bandits if they will find the connection between the bandits and her sister's new eccentric personality. Six months ago, Princess Emille fell off a horse and became a new person completely opposite from her naturally sweet nature. The party stays the night at the castle, after observing first-hand the new and improved Princess Emille. In the morning, they set out for the Valley of Corrupted Gravity.
They at first manage to make it safely through the valley until they come across an ominous sight, another Virage guarding the valley. It is awoken once again, and after the fight, Shana manages to reenact her defensive technique used against the Urobolus so long ago. Her forehead shines, and the Valley Virage is pushed back and plummets to its death. After the party recovers from the attack, they continue to the bandits' headquarters: the Home of Gigantos.
Here they go through the trap-laden area, and finally get ambushed by more bandits. Haschel seems to recognize their fighting style from his home in Rouge. They party fights their way forward, where Haschel deviously leaves the party to settle the matter on his own. After realizing what happened, the party follows him into the main room where Gehrich himself and Mappi are waiting. Gehrich turns out to be Haschel's former student, and the party soon gets into a fight. At the end of the fight, Haschel punches Gehrich into the wall so hard that a pillar falls. Just before it crushes the party, the Giganto Kongol appears and catches it and throws it over the side of the platform.
As Gehrich dies, he tells the party that the Princess Emille in the castle is a fake, and the real one is hidden inside. After finding Lynn and the Dragoon Spirit in the bandits' stash, the party rushes back to the Twin Castle to stop the fake Emille from inheriting the next Divine Moon Object, the Moon Dagger. They enter the castle and sneak past the bandit guards to Lisa's room and tell her what they learned. She joins them and they go to Emille's room and find her inside a magical space created inside a painting. It turns out that Princess Emille had been sleeping for six months under enchantment. The party takes her to the throne room, causing the bandit guards to run away because of their foiled plan.
There they find that the fake Emille is really a Wingly by the name of Lenus. After a battle, she steals the Moon Dagger and flies away across the ocean. King Zior says she probably went to Illisa Bay. The party stays the night in the castle again and then goes to Donau, where awaits the greatQueen Fury to take them to Fueno. They board the ship.
On the ship, each member of the party explores their reasons for coming on the journey, and when they least expect it, a ship, the Ghost Ship of Illisa Bay, rams into the Queen Fury, damaging the engine room. While their ship is immobile, the party explores the new phantom ship. They find that it was attacked by the Black Monster 18 years ago, and that the soldiers could not completely die thinking they had not fulfilled their duty to the Princess Louvia. Then for some reason, when the crew sees Shana, they believe the princess is still alive, and finally drift into peace. The Phantom Ship begins to sink, however, and as the party tries to reach the Queen Fury, Dart and Rose are separated and fall into the sea.
The two awake in a cave outside the small village of Lidiera. A boy named Pete finds them and takes them back to his home, where he lives with his sick mother. When Dart asks why Pete never took his mother to the doctor in Fueno, he says that there is an Undersea Cavern that is full of monsters and a sea monster separating them. Dart and Rose offer to escort them past the monsters, and the group heads off. They go through the cavern and on to Fueno, where Pete's mother finds the care she needs. Meanwhile Dart and Rose head to the port to see if the rest of the party is there, and as it turns out, they are. the Queen Fury is anchored and the party is in the city. They go to look for them and first find Meru, who leads them to the hotel where everyone else is. They party catches up on what happened while they were separated, and Shana is relieved to see Dart alive and well.
Afterwards, the party goes out to look for Lenus in the city. They find that a terrible sea monster has been attacking ships that sail in Illisa Bay, and that it generally lives in the Prison Island behind the Undersea Cavern. The party returns to Lidiera, raises the gate to the Prison Island, and makes their way there through the Undersea Cavern. There they find Lloyd receiving the Moon Dagger from Lenus. They interrupt, but Lloyd escapes and invites them to follow him to Mille Seseau. Lenus reveals herself to be a Dragoon and summons the Dragon Regole, and a fight ensues. Dart and company emerge the victors, and as she dies, Lenus's Dragoon Spirit is passed on to Meru. The party hurries back to the Twin Castle in Fletz to deliver the news of the Moon Dagger's fate to the royalty there.
When the party arrive, despite the sad news they carry, the party is celebrated for defeating the sea Dragon and the bandits. The castle houses a great party for the "Heroes of Tiberoa," where Dart and Shana finally realize their love for each other. With that, Chapter 2: Platinum Shadow draws to a close.
 Characters Gained
 Dragoon Spirits Gained
- Blue Sea DS
- Golden DS (see Lohan for details)