The song is "I'm Sailing On" by the inimitable Virgil Stamps. via hymnary.org:

I am safely sailing across the tie,
And my barque is breasting as on I sail;
Knowing Jesus ever with me will be,
I'm sailing on to eternity.

CHORUS
I'm sailing (yes I'm) sailing upon life's sea,
I'm sailing on to eternity
the raging billows now are pow'rless to harm my soul
For my ship is (ever) under the Lord's control.

I've a chart and a compass that cannot fail,
I am shouting happy as on I sail;
Knowing Jesus ever with me will be,
I'm sailing on to eternity.

Soon the harbor lights on the shore I'll see,
With my loved ones ever at home I'll be;
From the snares of sin I will then be free,
I'm sailing on to eternity