Lyric discussion by norcalniner 

I think the beginning of the song reflects a period in the relationship when things are falling apart. The pair are going through the motions of being together but they are quite far from each other and are slowly falling apart. The vessel that is their love is now a sinking boat. The love is still afloat...but just bairly. Soon the inevitable will happen and the boat will sink unless a change is made and both parts work to repair that sinking vessel. By the time that person realizes they need to change it is too late. He's singing that hopeful song that could have repaired things

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