It's usually sung "comrades" rather than shipmates, but that is a trivial variation.

Ryan's Fancy, a Newfoundland band that is no more, used to do a good version of this on their live LP. You'll have it find it in a used vinyl shop as most regretably none of their LP's are out on CD. This is a shame as they were an excellent Newfoundland ( & Cape Breton) Celtic band. Perhaps there is some dipute about the masters.

Fergus O'Byrne from the group has just recently released a CD with Jim Payne but I don't know if this song is on it as I haven't bought it yet.