According to the "GEST Songs of Newfoundland and Labrador" site at http://www.wtv-zone.com/phyrst/audio/nfld/indexnav.htm :-

this is a traditional shanty:
" A fo'c's'le (forecastle) shanty or forebitter was usually sung by resting sailors gathered about the forebitts, a structure near the bow where crew quarters and anchor chains were located."
This page also features my own version of the song as well as a version by "The Sharecroppers" and as usual, I include lyrics and chords on-screen, but apparently they are not available with iphones or tablets, only PCs

Morning Glory