I see this as a celebration of internationalism at sea, the singer/writer is obviously lammenting the loss of three good friends and workmates/colleagues. It does seem slightly criminal to change the words of old songs to suit a now more pc audience.

I'd suggest, like others, the substitution of the derogitory word (as its now seen), to Spanish, only because it does not take anything from the lyric, or, use the word, but, explain its hitorical context (i'd personally choose the latter!)