Meaning to the lyrics of A Whiter Shade of Pale?

It is a sort of Occult song that is popularily believed to be about the (Titanic) disaster. The narrator and his female companion are in a Dining room- more or less oblivious to any damage- and the story unfolds. it was a somewhat controversial song- like, in a different vein- Instant Karma- also with Occult rumblings/ Somewhat oddly we never learn the name of the female character.