The unnamed narrator of the poem is a crew member on the victorious ship. He experiences a rapid progression of grief upon discovering his leader's death, shifting from celebratory shock to a state of denial where he hopes the event is a dream. He physically holds the dying man in his arms on the deck. Finally, he reaches a mournful acceptance of the cold reality. While the people on the shore cheer the vessel's safe return, he remains tethered to the deck beside his fallen leader, pacing with a mournful tread.

The captain is the stalwart leader of the ship who successfully guides his vessel and crew through a fearful trip to secure their sought-after prize. He represents a father figure to the speaker, possessing the bravery and vision required to guide his crew through dangerous waters. He pays the ultimate price to ensure the ship's safe arrival, dying just as the vessel reaches port. In the extended metaphor of the poem, he represents Abraham Lincoln, martyred at the end of the American Civil War.

The people gathered on the shore represent the public eagerly waiting for the vessel's return. They ring bells, fling flags, and sound bugles in honor of the successful voyage. They bring bouquets and ribboned wreaths, turning their faces toward the arriving ship to celebrate the victory. They remain on the shoreline, physically separated from the grim reality on the ship's deck.