This song has nothing to do with Dive! Dive! Dive!, or Captain Pugwash as was stated in the first post in this thread.
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It is based on the movie of the same name, and the lyrics were originally on a song Bruce wrote for "Somewhere In Time" that didn't make the album.
I really love this song a lot, and Bruce's harsher vocal style suits the subject matter here perfectly. I love Janick's solo in this one, and the melody after the solos actually has a sea shanty vibe about it rhythmically. I dunno why people are complaining about the bit at the end where Bruce sings over the clean guitar. To me, it sounds very eerie and is a perfect ending to the song. Almost like the victims of the sea are being sung to in a ghostly fashion. Awesome song.