I have a version (the short version) recorded by the Watersons, from the 60s, (one of the "New Voices" set, at least I assume it was a set, recorded by the BBC) where they definitely sing "long to fight that bitter night".

The chorus on that version has "masts and spars and broken yards".

The other verse posted above I picked up in South London about 10 years ago in a slightly different form as

Methinks I hear the skipper say
'Tis time to shorten sail
The sky to all appearances
Heralds an approaching gale
Methinks I see them yet again
Though the midnight hour is past
Those little boats are battling
Against the icy blast.