This song is really just about using the lyrical idea of 'Lost At Sea' to show the feeling of being (/feeling) lost, E. G you don't know what to do next in your life and your stuck on that thought or you're in a bad situation and you have tried to get out of it ("You, You know I tried") but just can't do it.
However, Verse 2 is about the opposite. For example "The tide it finally set me free," could be the equivalent of suddenly realising where you should go next or what you should do next. The same line could also be describing a moment of relief E. G when you get out of your bad situation and everything turns from being bad to good.