Panel 1: The drawing in the foreground is the one Hira Manish was working on in Chapter VIII, which, when juxtaposed with the climax of this scene in the following panels, foreshadows the eventual climax of Watchmen.
Also, Max Shea and Hira Manish are the latest instance of the two riders motif.
Panel 2: Note that the timer on the bomb is in the “minutes to midnight” motif prevalent throughout Watchmen.
Panels 5-7: We get another super-panel, which allows us to watch the passage of time after the ship blows up. The only remnant of these people’s existence is the drawing of the creature from Hira Manish, a creature that has grave consequences for the entire population of this world.
The extermination of this group transitions directly into