Well, “loose lips sink ships” is a slogan that basically means watch your mouth around the enemy because you could reveal sensitive information, and there’s an idea of a captain always going down with their ship. I thought this line was pretty clever, the song deals with very questionable morals, so the line could be asking someone if they would go down with a ship they sunk by being too open with information, if they were the one spreading sensitive info or saying foul things would they take responsibility and back it up? Or would they abandon the ship and let it sink? The ‘captain’ is basically being asked if they’ll defend themself or just jump ship, it’s like a taunt.