This song appears to be referencing a ghost boat of sorts. If you have read the book, Challenger Deep this song may remind you of the ship.
Now and again you'll remember the sound
Of the sails waving helpless
The cables wrapping one another into knots so strong
You're lost at once if not tossed into the drink and lost beneath
A substance so dark yet elementary
Four winds converge upon a point where your compass
Spirals round in useless motions mocking everything
While bilge collects
Your cupped hands attempt to shovel out the last few inches
And you plead with the gods but they send you no sign
Hold on sailor, hold on brother
Steady the vessel
Hold on sailor
Steady the vessel
(Telltale ghosts at sail)
Steady the vessel
Tall tales of ghosts at sail
They spend the afterlife
In futile calculation, dead reckoning
Telltales confuse the sails, direction is lost
The winds will spiral round a listless tapestry
And you're left all alone under the shine of the moon
Hold on sailor, tighten the cables
Telltale ghosts at sail
Steady the vessel
It's a good life if you don't weaken
Telltale ghosts at sail
It's a good life (hold on)
If you don't weaken (hold on)
Telltale ghosts at sail
Cursive released Tall Tales, Telltales on Mon Jan 01 2001.