Masthead fitting?

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Jun 6, 2006
6,990
currently boatless wishing Harrington Harbor North, MD
Had the occasion to go aloft to fix the anchor light and noticed a fitting on the mast I have never heard of before. The boat is a Hunter Legend 37 and on the starboard side about 3 inches below the top of the mast is a fairlead. it is sized for a 5/16" line and is orented verticaly (line would be running horizontal). Does anybody have a clew what this would be for. The only thing I could think of is a flag halyard or a place to attach a line when unsteping the mast.
 
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