I think that she is killing something in the water.
Much more natural torso/abs/ribs than a few recent works.
Good pose, proportion, and expression, and a nice paint job. I like the color choices for her cloak and how they blend on each face.
The axe does not appear ridiculously oversized. It's not quite the hand or body position that I was taught for splitting wood with an axe, but in the heat of the moment of having to kill something in the water, I suppose it will work. If she misses, she'll probably just stick the blade into the sand and not into her own foot.
Is she wearing an armored bikini? Just stab me now.