At first I thought the reference of "hogeye" was rather obvious (and supposed to be). But with all the stuff I've seen since, I don't think the word "hogeye" is part of the dirty stuff.

I think it was the customary solo lyrics (or style of solo lyrics) that was dirty. It's possible that at a later point the word hogeye itself also received a dirty denotation. This would have been either 1) through association with the dirty lyrical theme (i.e. people re-interpreted the word, gave it the dirty meaning) or 2) through the discourse of writers who said the chanty was dirty and mistakenly thought "hogeye" fit into that.

I don't think "hogeye" was in reference to a barge, either. Not originally, at least.

However, I can offer no meaning for it!