Elizabeth Liati is a central figure in the narrative, initially introduced as a young woman navigating a life of poverty and desperation in the underwater city of Mermaid's March. Living with her ailing mother, she works tirelessly to make ends meet, and her circumstances place her in a position where she is often taken advantage of by local loan sharks and petty criminals. This background establishes her as a resilient but world-weary individual, hardened by necessity yet still possessing a strong moral core.

Her personality is defined by a pragmatic and sometimes cynical outlook, born from her struggles, but this exterior often masks a deep-seated sense of hope and a willingness to trust others. She is fiercely protective of her mother and displays a notable stubbornness when her principles are challenged. As the story progresses, Elizabeth’s motivations shift from pure financial survival to a broader desire for agency and belonging. Her decision to board the pirate ship Ship of Heaven is not born from a love of adventure but from a practical need to resolve her debts and secure her future, which gradually transforms into genuine loyalty to her new crewmates.

In the story, Elizabeth serves as both a grounding force and a catalyst for other characters, particularly the protagonist Gram River. She quickly becomes the ship’s accountant and a key tactical thinker, her street-smart intelligence complementing the more idealistic or reckless tendencies of the crew. Her role is often that of the "straight man," providing a dose of reality during outlandish plans and questioning the ethical dilemmas the pirates face. Her relationship with Gram is central; she is initially annoyed by his naive enthusiasm but gradually develops a deep romantic affection for him, though she often expresses it through teasing or frustration rather than overt sentimentality.

Key relationships include her dynamic with the ship’s captain, Vili, whom she respects despite their differing philosophies, and her friendship with the mechanic and fellow crew member, Ginga. Her bond with Gram is the most significant, acting as a primary source of her character development. Over time, Elizabeth softens her harsh exterior, learning to embrace a found family and taking greater risks for the sake of others rather than just herself. Her notable abilities lie not in physical combat or piloting, but in her sharp intellect, financial acumen, and tactical planning. She is often the one to identify flaws in a scheme or devise a practical solution to a complex problem, proving that her greatest strength is her quick thinking and resourcefulness.