I stumbled on this via Facebook today: two women who did a kayak camping trip inspired by the song. They got funding from the Royal Canadian Geographic Society, which "awards grants to teams or individuals embarking on expeditions to enhance the appreciation, understanding and knowledge of the physical, environmental and cultural geography of Canada". They were awarded the Women's Grant and describe their project thusly:

All Around the Circle: Paddling a Folk Song
Grantee: TA Loeffler

The main objective of the expedition is to sea kayak “All Around the Circle” from Fogo to Twillingate and Moreton’s Harbour while at the same time exploring the cultural significance of this folk song to this region as well as the province. This expedition will fulfill a long-time goal of ours to complete a self-propelled paddling version of “All Around the Circle.” Our second objective is to use our well-developed social media platforms and presence to share the expedition as it is happening. We plan to share what we learn about the region’s vibrant geography, traditions, music, and people, both during and after the expedition – making both this region and this folk song better known to Canadians. The final objective is to show that women, and older women at that, can accomplish ambitious expedition goals as well as lead expeditions.

Here's the initial blog post for the expedition, which introduces the the song and the plan.

~ Becky in Oregon