api ced asi papebhyah
"Even if you are considered to be the most sinful of all sinners, when you are situated in the boat of transcendental knowledge you will be able to cross over the ocean of miseries."
He personifies the sins [papa] as an ocean. Api ced asi = even if you are, sarvebhya = among all, papebya = sinners [papi], papa krt tamah= committed more sins. That is most sinned among sinners. The Gyana would navigate him from this ocean of sins. Sarvam = all, vrijinam = ocean of papa or sins, even if it is unsurmountable, plavana = the boat of, Gyana = knowledge, santarisyasi = navigate and reach ashore. So with the atman gyana boat one could cross the ocean of papa and reach to safety. Thus the majesty or greatness of atman gyana is illustrated. This Gyana - atman is different from body, atman is an embodiment of knowledge, all atman are same with no difference, differences arise from the bodies, atman is dependent on Paramatman and is destined to serve Him, all such sublime thoughts- once acquired would help to cross the ocean of papa. Arjuna also is in the midst of oceans of troops on either side in Kurukshetra. With the Gyana that he can not kill atman but only the body and he is fighting not for cheap royal pleasures but for upholding Dharma, he can cross this ocean also. We commit papa because of considering some as enemies. But with the Gyana that all atman are equal, such enmity will never arise.