Lyric discussion by PTCGAZ 

This actually is sort of a vague song, but I believe that it tells about the death of an old seamen (refered to as the salty dog) who runs into a captain he had that was cruel. The crew mutinied from the ship, as indicated by the passages like.. "our tortured course"

So now the author and the rest of the crew that escaped the ship head off, not knowing where they are going. They find land and make landfall. The captain comes across them many years later, when they meet.. in death.

At least that is my idea. Probably stupid but it's what I think..

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