Short Answer 
The term “fray” represents deterioration over time, particularly related to a worn rope, while “tarnish” signifies a loss of vibrancy reflecting fading beauty. Additionally, “bilge” has dual meanings related to decay, emphasizing themes of both physical and abstract decline in the poem.
Step 1: Understand the Meaning of “Fray”
The term fray refers to the process of something becoming unravelled, often due to constant wear or rubbing. In the context of the poem, it specifically relates to a rope that is being worn down over time. Recognizing this helps to visualize the theme of decline and deterioration.
Step 2: Interpret “Tarnish”
Tarnish signifies a dullness or loss of color, indicating that something has become less vibrant or spoiled. When interpreting this word, consider how it can symbolize the fading of beauty or strength, enhancing the overall emotional tone of the poem.
Step 3: Clarify the Dual Meaning of “Bilge”
The word bilge has two meanings: informally, it refers to rubbish or nonsense, while technically, it describes a part of a ship’s hull where dirty water collects. Understanding both definitions provides insight into the nuances of the poem and highlights themes of decay, both in terms of physical and abstract concepts.