It was built on the money of Murmansk dwellers in 1927. It looks like a stylized captain's bridge and tribune. For a long time the monument was really a tribune for meetings in the central square Ploshchad' Svobody.
All the memorials of Murmansk (there are over 500 of them in the city and region) reflect the history of the city. During the 95 years of its existence Murmansk has been witness to WW1, the Russian Revolution of 1917, the Russian Civil War and WW2. Therefore, understandably, the great majority of the monuments are dedicated to the war, to those who fought and died in battles.