To me, this is a crudely drawn man with genitals on his head, and not even well-drawn genitals.
It looks like something out of a high school kid's doodle book.
But I'm no art expert... so I'll let the gallery text explain what's supposed to be going on here:
"No swashbuckling hero, McCarthy's pirate is an intimidating and wretched figure who embodies a lifestyle of danger and licentiousness on the margins of society. McCarthy transforms the body of the ship into the body of the pirate: the ribs of the ship become his ribs, windows and holes become bodily orifices, oars act as limbs, and cannons resemble penises and a nose. The phallic weaponry alludes to warfare and sexual conquest, and the various inscriptions and red spurts make clear that if amputated, the pirate would lose his power. McCarthy critiques Western stereotypes of masculinity by transforming the iconic figure of the pirate through brutal images of debauchery and castration."