no its a modern song about what is happening now, check out killybegs website, its to do with quotas and fishing restrictions
".Four Killybegs -based trawlers are applaying for licences to fish in the Southern Pacific Ocean off the coast of Chile. The owners of the vessels say they are being forced to make the14,000 mile round trip through the Panma Canal because EU regulations have cut the number of days the can fish in the North Atlantic and North Sea.

Martin Howley one of the trawler owners said his boat - Atlantic Challenge - could fish his nets 200 miles west of the Cilean-Peruvizn border but could travel as far west as New Zealand. Martin said "We talk about Ireland being in a recession, but fishing has been in a recession for over five years now," he said. "There are still lots of negotiations to do. We hope to leave in June. It would take us a month to get there. It would take us a month to gt there. We'd like to fish for almost three months. We would probably said with half a crew and chnage crews when we get there If we are to survive we have to go out and fight for it."quote