This song has nothing to do with Dive! Dive! Dive!, or Captain Pugwash as was stated in the first post in this thread.
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.