Friends at Harmony this year were surprised I knew this song and sang along. So I fished out the Salt of the Earth CD and here's what it says:

4.MOLLYMAUK (Bob Watson)
Mollymauk is the Swedish word for the albatross. This haunting song was written by Bob Watson of Reading and describes the thoughts of the ancient mariners (see also: Coleridge's Rime of the Ancient Mariner) who held the albatross in awe. They believed that this mysterious bird, which appeared thousands of miles from anywhere, drifting high in the sky, was the carrier of dead sailors' souls on their way to heaven.

Now you know.
Blessings,
Barbara