Somewhere I have yet another verse for this that Tom wrote fairly recently. He taught it to me at Mystic one year. It includes LORAN and SONAR. I will dig it out.The version in the DT does not conform to the version I know. I believe mine may be more accurate. I learned it from Tom. The line "We've nearly got a mess. He says we have it soft." should be "The killick of our mess..." Killick is a British Navy slang term but I'm not sure of its precise meaning.
Also the line "Swinging on the deckhead or lying on the floor?" should be "Swing it from the deckhead or lay it on the floor?".
Sorry but no help with the dots. I learned it by ear.