Hoffnung is German for "Hope".

Here's what Stan Hugill had to say about this Low German (Plattdeutsch) song:

Ilearned this hauling song from a young Hamburg seaman in the twenties. It was popular in all German sailing ships. It has a touch of the German folk legend Faust about it. It would appear that the skipper in this tale was a bit overdue on the homeward run. When Old Nick appears the skipper offers him his soul if Satan can speed up the ship a little. When the time comes for repayment the skipper isn't so happy. However, the cunning old carpenter hooks the Devil up to the anchor, and on dropping the "hook" the Devil is sent to the bottom of the sea!