This is a "ghost ship" story and not really anything that funny, at least nowhere as good as the normal Popeye cartoon by this time. It might be even a little bit too scary for small kids.
Popeye, Olive and Wimpy come across this ghostly ship one day. (The three of them seem to go out boating a lot, and wind up on desert islands.)
The boat has some humorous features, such as neon-type signs that change and floorboards which move up and down making music, but then its a mite sadistic as ghosts tie up our three pals and torture them, although not in any gruesome way. Yet still, as mentioned, it's a little dark for small kids to be watching. I sometimes think these early Popeye cartoons were made more for adults. Popeye then finally figures a way to fight these sadistic spirits, but isn't done in his normally-humorous fashion.