Let Her Go Down

Sometime in October
We sailed from England's shore
When we sailed into a raging storm
Like I never ever seen before
And all of the crew they were brave men
But the captain, he was braver
He said "Never mind the ship, me boys
There's none of us here can save her"

[Chorus:]
Let her go down
Swim for your lives
Swim for your children
Swim for your wives
But let her go down
Just let her go down

Lost in the open ocean
There were some of the crew and me
While the captain steered our wounded ship
To the bottom of an angry sea
And with his dying breath we all heard him say
"Just the fortunes of a sailor"
And he said "Never mind the ship, me boys
There's none of us here can save her"
[Chorus]

He wondered if his ship mates
were ready just to pray and give in
So he called their names out one by one
But there was no-one else around but him
He saw the ship called down in the fading light
And he knew they could have saved her
He said "The captain lied when the captain cried
There's none of us here can save her

[Chorus]

I have never quite decided what the lyrics mean. Did the captain give them their best chance of survival by sending them off the ship to swim to a nearby shore, reasoning that it was no better than 50-50 if they stayed with the ship?  Did he panic and send them to their deaths because the shore was in fact too far away? Right or wrong, he thought he was doing his best by them.