Lyric discussion by lukewagoneer 

This ship theme is indeed a common one for Dylan. I think that 'his ship' may be his woman; she's ready to go, but hasn't left yet. He's telling her to stay, because 'beyond here lies nothing.'

Perhaps he's fearing that there is indeed something out there that she might want/find, but he's trying to convince her otherwise. I think his fears are correct.

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