I am astounded by the literalness of the interpretations found on other web sites. This is NOT about a sailor who is saddened by another sailor's death or who murdered another sailor who was having an affair with his wife. The ship is life itself. The deep dark sea is death. The singer's wife has died young. He is grieving, still wearing his gold ring, which weighs heavily on him. But then a new love, a fresh young breeze, comes along and his life resumes and he is happy again, feels lucky to have found a new love, but still misses his wife. And that's the truth.