It is great for clamping hoses of any diameter, repairs, safety wiring, seizing shackles, etc.
The tool linked below is the heavy duty version I use. [Stay away from the lighter duty version with the aluminum wingnut as it is much fussier to use from my experience. The leverage and inertia gained using the bronze T-knob on the heavy duty version, below, really smooths the operation...]
CLT01L - Clamptite - 5 1/4" Stainless Steel Tool w/ Aluminum Bronze T-Bar Nut Lanyard Extension
There are two ways to use this tool:
- The double wrap is great for hose clamping, repairs, etc.
- The single wrap is a good way to seize safety wiring
- e.g., Anchor shackles, seizing cleats to shrouds, etc.
- .032" [304 and 316]
- .041" [304 and 316]
- .051" [316 and 400- for seizing anchor shackles, etc.]
- .061" 
Clamptite has a good overview of which wire and tool size to use for what.
Here is another vendor with videos and photos which will help you better understand uses and using this handy tool.
The Clamptite site has good illustrations and a brief video demonstrating how to use the tool for both the single and double wrap styles I mentioned above.