The Schooner Fare version is based and edited from the Creighton version. The only different word that they used from it is that they include the word "taffrail." Note that in their version, they use "Sou'east." They add the phrase "Northeast gale's a blowin',
                                  And we'll take all that she gives.
                               We're homeward bound to Yarmouth Sound
                               Two-twenty miles today
                               We made the run on Portland rum
                               On the Mary L. McKay." This is entirely new to the song. They may have heard it and included it.

I'm not sure whether it is folk process or Steve Romanoff's writing. Lomax's "Folk Songs of North America" includes a slightly shortened version of the Creighton version.