Okay, sorry about that, ppl. I did a quick fix last night and for those of you who need a visual/like to look at pics, here's what I did.
On both the front and back sides of the boat, I drilled holes in the middle.
Next, tie a knot at the end of the Rex lace, add a clover bead and then string through the boat. Add pony beads and attach to the eye patch "sail". I went ahead and looped through the same hole as before. Then I attached another clover bead, tied it off and cut across so it would not come loose.
Do the same for the other side.
Your pirate ship should now look like this.
I haven't decided if I want the "rope" to look tighter or not. If you do, just use less pony beads than I did.
(It was late last night, and I was dead tired but I wanted to get this tutorial up for those who wanted to make this.)
So YAY! We are finished. And I hung it up last night and didn't hear any thuds in the night.