According to Stan Hugill,
This tops'l halyard shanty was the most popular hauling song raised by Norse seamen aboard Norwegian, Swedish, and Danish sailing ships. Actually it is a form of the English "Blow the Man Down." None of the Scandinavian seaports had regular sailortowns like those found in ports of France, Germany, Holland, Belgium, aand Britain. But even so, there did exist rather tatty streets in the areas near the docks of larger seaports or near the quays of smaller ports. It was there that madams and prostitutes were to be found.
Ane Madam and Madam Felle would have been such "ladies". Unfortunately, we know very little about them. The translator was of the opinion that the last two verses of this shanty contained double meanings, both rather obscene.