The bath water rises over the rim. The boat bounces along with the waves. The giant dips their nose into the water. The sailor braves the tempest safe.
Then the waves began to tip them over, and the giant now lies on the brink, breaking ships and creating waves where only daring sailors ever sink.
This whole poem is about a girl in a bath tub, thinking of the people she refused to let her love her, with a toy boat on the water, and imaginary sailors as her lovers.