Each letter is made up of two runes. You can break each line of runes into pairs.

Notice that, in CHALICE, the two runes that represent C are not always listed in the same order. The order of the runes does not matter for each pair.

The second set of runes is FAXING.

The words, in order from top to bottom, are PUZZLE, FAXING, WAIVER, QUILTS, RHYTHM, JOKING, and BORDER. The bottom set of runes spells PORT. Enter that into the lock on the box. Line up the letters along the edge of the lock.

You’ll need to know the rune alphabet going forward. Here is the full translation.