It's a version of "The Flash Frigate." This info is from a Polish site:

"Lsniaca fregata" ("The Flash Frigate") - in the archives of Royal Navy there are three vessels named "Pique". This song probably concerns one of them, a 36 gun vessel, which entered the fleet in 1834. It was first sung as a forecastle ballad and then, with a changed rhythm, also as a capstan shanty. There are many text variants and several different melody lines, e.g. "The Liverpool Packet", "The Flash Frigate" and "Don Pedro". Some of them even have around 40 verses.