Loose fibre obtained from old rope used for caulking seams in wooden ships (5)

I believe the answer is:

oakum

(Other definitions for oakum that I've seen before include "Rope fibre for caulking wooden ships" , "Caulking material" , "One hand-picked" , "ropy bits" , "Fibrous material from rope" .)

I've seen this clue in The Mirror.

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