The Oceanides is a single-movement tone poem that consists of two main subjects, A and B. The "lively" A section (in duple meter), first introduced by the flutes at the beginning of the piece, can be said to represent the playful activity of the nymphs.
Grimley interprets the piece as progressing through "a series of three generative, wave-like cycles", perhaps best described as placid ocean (A-B), gathering storm (A1-B1), and wave-crash climax (C-A).