The poem opens up with the phrase “nobody heard him”. The dead man drowned because his waving was misunderstood as a harmless greeting instead of a plea for help. Paradoxically, the dead man lays moaning trying to explain that he was much further out than they thought and that he was not waving but drowning. Of course, nobody hears the dead man because it’s too late. This paradox indicates the deeper meaning from the literal.
In the second stanza, the perspective suddenly switches to those who have known the old man commenting on his tendency to make jokes, and that it was a part of the reason nobody took him seriously, or even his joking (“larking”) for far too long caused his heart to give out. The message from this stanza is clear: joking too much, never expressing oneself in a serious manner will make others never take one seriously, even when one is in serious need for help.
The dead man moans yet again in the final stanza. He was always too cold, meaning that he was always in a dire state (depression) and needed help. He was too far out his entire life, indicating that he was always on the brink of death. The man was always drowning and not waving, meaning that he tried to reach, seek help but was never understood. This poem explores a much deeper meaning conveyed with the image of a drowning man. Indications of themes of depression, feeling misunderstood and even suicide are present in the poem.