Chapter 903 is titled "The Fifth Emperor".
The Stories of the Self-Proclaimed Straw Hat Grand Fleet Vol. 33: Orlumbus Arc - "The Yonta Maria Grand Fleet is Heading Out to Sea."
The news spreads across the world, labeling Luffy as the fifth emperor. The news is received by various people such as the Straw Hats' old acquaintances, the Yonko, and royals going to the Reverie. Shirahoshi joins her family in their journey, and Neptune plans to declare Fishman Island under Luffy's protection. Meanwhile, Koby and Helmeppo thwart a pirate attack on the Dressrosa and Prodence Kingdom ships.
Sanji is annoyed at Niji for giving him a raid suit in secret, seemingly mocking him for his lack of strength right until the very end. Luffy and Chopper are trying to convince him to keep it. Sanji claims that he doesn't need science to make himself stronger, with Nami showing off her Clima-Tact (which now contains Zeus) as a response to Sanji's science dismissal. Just as Sanji is telling the crew not to mention Germa 66 or the Vinsmoke Family again, Carrot announces that the paper has arrived. It is revealed that Sanji's bounty has now increased to 330,000,000 and it now says "Dead or Alive" once again. Sanji is elated to know that his bounty's now higher than Zoro's, only to discover that his poster now contains the word 'Vinsmoke', much to his dismay. Brook discovers that Luffy is also depressed because his bounty has seemingly been lowered to 150,000,000 while Nami is elated as that means less people will come for them but Brook tells her this hurts their captain's pride.
We then cut to Neptune and his sons about to leave the Ryugu Kingdom for the Reverie, with Shirahoshi deciding the come along with them in fear of Luffy calling her "Weakhoshi" again.
This leads to people across the world reading the newspaper which says that Luffy now commands a fleet of 5000 subordinates and that he is now considered a fifth emperor. Amongst those seen reading this news are Dalton and Dr. Kureha from the Sakura Kingdom, Crocodile, the Firetank Pirates, and Princess Vivi. At the same time, Bartolomeo and Cavendish are giving interviews to the journalists.
Then there is a report to Fleet Admiral Akainu that the ship containing the representatives from the Ilusia Kingdom have been attacked by pirates and that Princess Komane has been kidnapped. Akainu angrily asks how that happened.
We then see King Riku Dold III and King Elizabello playing chess as their ships are anchored next to each other, with Rebecca recalling the news about Luffy. She then reminds the Tonttatas not to speak of their connection to Luffy at Mariejois as they're now pirates.
An unknown pirate crew in a submarine look at the ships through their periscope as they decide to kidnap Princess Viola. At the same time, their captive, Princess Komane, is pleading to let her go in exchange for any amount of money they want. They then fire a torpedo at the ships, only for it to be intercepted by an unknown marine and deflected, narrowly missing the ships. It is revealed that it was Captain Koby who saved them. It is also revealed that Lieutenant Commander Helmeppo had defeated the pirates, with Komane kicking them swearing that they'll all be skewered. Kyros thanks Koby for saving them and comments on his humility. Rebecca then gives Koby the latest paper where he's proud of Luffy's recent achievements against Big Mom. She then asks Koby if he is a fan of Luffy, which he tries to stringently deny, but she sees through his attempts to divert the conversation and promises that his secret will be kept by her.
All of the Yonko read the newspaper; Kaido is angry that the pirate who ruined his operations was in Big Mom's territory, Blackbeard comments that Luffy being called an emperor is a bit premature, Big Mom says that she was never defeated and that both Luffy and Morgans should watch their backs, and Shanks comments that they'll soon be able to meet again.
Brook then looks at Luffy's wanted poster and realizes that Luffy made an error of counting the zeros; as the latter is confused. Brook then announces that Luffy's bounty is now in fact 1,500,000,000, as all of the crew look on in shock at the revelation.
- This is the first chapter of the Reverie Arc.
- Sanji received his own Raid Suit from Niji during the escape from Cacao Island. Sanji rejects it, but the others keep it just in case.
- Raid suits can only be activated by the owner.
- Zeus remains with the Straw Hat Pirates.
- Neptune plans to declare Fishman Island under the Straw Hats' protection.
- Crocodile makes his first appearance after the timeskip.
- Koby and Helmeppo make their first post-timeskip manga appearance.
- Luffy's bounty increases to 1,500,000,000.
- Luffy now has the highest known bounty in the series.
- This is currently the biggest bounty increase seen from anyone thus far.
- He is now considered, at least by the World Economic Journal, to be the "Fifth Emperor" after being recognized for his actions.
- The world now knows of the existence of the Straw Hat Grand Fleet and Luffy's relationship with Sabo.
- Sanji's bounty increases to 330,000,000.
- His bounty poster now has his full name on it, and the condition is changed back to "Dead or Alive".
- Sanji's bounty is now the third highest in the Straw Hat Pirates.
- Blackbeard, Van Augur, Doc Q, and Avalo Pizarro make their first appearance after the timeskip through silhouettes.
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