'Slow Boat to China' and homosexual overtones...

So I love this movie. I know a lot of people didn't, and that's fine, but if you want to talk about that there are plenty of other threads on this board.

My question, specifically, was about that whole second to last scene where PSH sings the aforementioned song to Freddy and gives him that really painful, longing look. Up until this point, when I first saw the film, I didn't really get a gay vibe from PSH's character...their relationship seemed to be more about power and control. But this scene, the song, compounded by the past life story of two men working closely together, and the juxtaposition of Freddy going out a *beep* that chubby English girl right afterward in the final scene. It just made me feel that although Freddy really likes giving up control to PSH, but he likes women more and feels longing for the girl he left behind before the war.

Anyhow, maybe I'm reading into things too much.