My interpretation of the Islander is that it is about an old man who has lost everything and everyone has ever loved. The island represents his confinement to the world, and his loneliness. The boat represents his path to Heaven. In the end of the song, there are the lyrics "Anchor to the water, seabed far below, grass still in his feet, and a smile beneath his brow." This either means that the man died naturally or killed himself, but either way he is not sad about leaving.