This song owes something to the great, ancient ballad "Sir Patrick Spens," about a ship that went down in a storm. It is safe to say, however, the main inspiration was the break-up of Vega's marriage.
The speaker begins "Consider me a widow, boys." So her husband died-- very sad. Well, no, she continues, "It's not the man, but the marriage that was drowned."
"So I walk the walk," she says, which has a double meaning. One is that she is authentic, she doesn't only "talk the talk," but fulfills it by "walking the walk." The other meaning is that she walks the "widow's walk," the structure described above.
This we know because she already mentioned "drown[ing]" but now continues that she is "wait[ing]" and is "watchful" of the "sky," while "looking for a kind of vessel." She is clearly evoking the image of a sailor's wife on a widow's walk, worried at the weather and gazing hopefully for the safe return of her husband's boat. But, she says, she has "never found" this kind of vessel.
Still, she did find some kind of vessel, because she "saw it splinter" and tear apart when it "hit the rocks."
She has becomes somewhat obsessed about the incident. She finds that she "keep[s] returning" to "where I did see the thing go down... as if there's something at the site/ I should be learning."
She does "grieve" at the demise of the ship, even though, she says, "I knew the ship was empty by the time" it shattered on the rocks. How did she know this?
"We watch the wind and set the sail," she says, at the beginning of the voyage, "but save ourselves when all omens point to 'fail.'" When they saw the storm was surging, and knew that a crash was imminent, they abandoned ship-- as anyone would.
So she blames no one: "We could not hold on when fate became unruly." She chalks the whole disaster up to "fate."
She has four more things to say. One is to ask, "Does the weather say a better day is nearing?" She does hold out hope for the future, and has not discounted the possibility of future relationships, er, voyages.
The second is that she will "set [her] house in order now." This is a typical response to a loss. For one, it is a practical necessity. Emotionally, it helps distract us from the pain and helps us reclaim a sense of control in a chaotic situation.
The third is that she will "wait upon the Will." This could mean her husband's last will and testament, or in the case of a divorce, the judge's rulings. But the fact that it is capitalized indicates that this refers to the Divine Will. She feels she is bad at controlling her life, so she asks that God take the helm for now.
The last comment relates to that: "It's clear that I need better skill at steering." Oh, God has the wheel for now. But as soon as she regains her confidence, she will switch from "Sir Patrick Spens" to "Invictus," which ends: "I am the master of my fate/ I am the captain of my soul," and take back the helm.
She keeps returning to the site of the wreck, hoping to learn something. I think that, ultimately, she does, and the lesson is:
Ship happens.
Next song: "(I'll Never Be) Your Maggie May"
