(Click on next image for an explanation for Fife Rail)

The yellow fuzzy looking objects are Baggywrinkles.

Baggywrinkel is a soft covering for cables or lines to prevent chafing of the sails which could create holes in them.
Baggywrinkle is made out of old lines that are cut up to create shaggy fringe. This is mostly seen on older and larger sailing ships.
Newer and smaller ships are rigged differently and use plastic or metal sail protectors to keep lines from coming into contact with sails.