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Covenant – Call the Ships to Port Lyrics 12 years ago
I believe you have a pretty good handle on the song. In fact you have done better than I would have.

However, the "walking on water" likely is a reference to Peter having his faith tested by Jesus when Jesus is walking on the water and calls out to Peter to join him. It is told in Matthew 14:22-33. Peter step out of a boat, walks upon the surface of the lake, then his faith falters, and but for the hand of Jesus would have drowned.

So I would take to simply be reinforcing the meaning that you already have seen in the song. A test or leap of faith that requires you to act with the resolve that you will succeed. To act with faith in God or yourself, depending on your worldview.

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