This song is called "Dead Man's Boots," which is an expression which describes how difficult it is to get a job; in other words, you'd only get a job in the shipyard if somebody else died.
Dieses Lied heißt "Dead Man's Boots" [Stiefel eines toten Mannes], das beschreibt, wie schwer es ist,  Arbeit zu bekommen, d. h. man bekommt nur einen Job in der Werft, wenn jemand anderes gestorben ist.