You'll perish faster than parrots talking on top of shoulders
Cuz you're private property once that pirate ship hits the surface
He means perish in the sense of death or suffering. A pirates parrot is very garrulous and tends to say things it shouldn’t (like secrets). The parrot alludes to a snitch undercover like an informant. This is bad for someone like a drug dealer, who hides their drugs in their house (private property) like a pirate does on his ship. Sunken ships are out are hidden and hold all their treasures (drugs/money) and if it surfaced concludes that it was found out aka the police got your ish.
Sidenote: Check the alliteration in this stanza between ‘b’, but more so ‘p’.
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