King of the sea

Here is the cup that holds your chances (all hail the king of the sea)
Here is the fruit of the sea
Take this wine and toast your new life (all hail the king of the sea)
Parade your watery state
See here your reporter treads water
Here your reporter loses his air
Here your reporter treads water
Here lies your future
Here you are, the watery power
King of liquids and prince of thirst--see