You are correct in that the boards are the planks of wood from which the ship is constructed. Although nautically, "boards" is more often used to refer to the decking than to the hull.
In hot dry conditions, wood will shrink. It was common in the 18th Century for wooden sailing ships travelling from Europe to the tropics to suffer shrinkage of the deck boards. This often required the decks to be recaulked to prevent leaks.
Later, wood treatment improved. Significantly reducing the risk of such shrinkage.
So the phrase is being used to set the scene of hot weather.