Pi imagines indicator boards blinking and urgent phone calls: "The Tsimtsum has sunk!" We know later he has no such luck.
It's mid-morning after the night ship sank. Orange Juice is basically in a state of shock. She's not moving.
The hyena, though, jumps over the zebra and ventures underneath the tarpaulin. It doesn't stay there long: it scampers back out and begins to run in circles around the zebra, all the while yapping.
Pi tells us a few facts he learned from his father about the hyena: vicious, deadly hunters (not cowards and carrion-eaters) who eat almost anything: their own kind, urine tainted water, excrement, etc.