The reference to a northeastern area of the continent (Mirimichi/Miramashee) makes me think that a Downeast -- Maine -- or Bluenose -- Nova Scotia -- chanteyman was responsible for that verse, at least. And it does rhyme with "Cherokee".

I wouldn't think too hard about meaning, Jon: there's a good chance the singer from whom the collectors gathered the song spent a long voyage with a particular chanteyman whose version imprinted itself upon his young mind. Chances are that chanteyman was, indeed, no ethnologist but had a keen ear for an entertaining story and solid rhymes.