I think "circlin' "is right. (Actually, what I hear is "circlin' in".) That would make sense to me, too; because, at least here in the U.S., "sharks are circling" is a fairly common idiom that means someone or something's in danger. When someone says "sharks are circling in" they're saying the danger is getting closer (or more imminent). All of that ties in with someone's enemies sensing weakness or "smelling blood in the water".

@Captain Jovi, here are a few other things I picked up on now that I've had a chance to listen with your lyrics in front of me. Some are just nit-picky things, but since I'm at it:

Blood in the water:
"Blood in the water" is repeated before "Our fates are sealed" and "The devil's greatest trick was just to say he...."

Story of Love
I hear "They've been writing our story" instead of "stories" and "You can say it don't matter..." in the second verse.

Let it Rain
In the first verse, I'm not sure if he's singing "Whenever" or "Wherever" but I think it's the same word all three times. And in the last verse, I think it's "The gods you want to pray to..."

Lower the Flag
He says "Yeah" before "they'll move on to the next one" and I believe he's saying "the cross that bears his Margie's name". I don't know if he had a particular victim in mind, named Margie, or not; but that's what it sounds like to me.

That's all! Thanks so much for doing this. You did an awesome job!!