"Let us take them in order. The first is the taste, Which is meagre and hollow, but crisp: Like a coat that is rather too tight in the waist, With a flavour of Will-o'-the-wisp.
Meager and Hollow - Hunger? But crisp - seems substantial. A coat that's too tight in the waist - seems like growing fat on excess. Will o the Wisps lure travelers to their doom. The sailors are travelers.