I have a version collected here in Maine in 1920 from a woman named Margaret McGill who came over from Galloway Scotland. It is much more sinister than the usual upbeat version- very laid back melody, and more in keeping with the tragedy
No sign of landlubbers though

Apparently all that remains of the song in her area of Scotland is a children's game that says
"Three times 'round went the galla galla ship
Three times 'round went she
Three times 'round went the galla galla ship
And she sank to the bottom of the sea"

We taught to our friends from Stravaig who taught it to the kids when we visited there a couple of years ago

Our Gallant Ship

On a stormy sea as we set sail
Not far, not far from the land
Our lookout he spied a pretty mermaid
With a comb and a glass in her hand, her hand, her hand
With a comb and a glass in her hand

She may look she may sigh wi' a watery eye
She may look tae the bottom of the sea, the sea, the sea
She may look tae the bottom of the sea

Same sorts of verses about the captain, mate etc

The cook verse is fun-

Up spoke the cook of our gallant little ship
And a cross old cook was he
Sayin' " I hae mair bother wi' me kettles pots an' pans
Than ye wi' yer wifies a' three, a' three,a' three
Than ye wi' yer wifies a' three!

Cheers- Julia