I think it's 'The China Clipper' and the entry from the Peter Bellamy discography quoted below would seem to suggest that he wrote it himself (It's certanly not Kipling and doesn't sound traditional):-

Year: 1982
Title: The Maritime England Suite
Artist: Peter Bellamy
Produced by: The BBC For the Radio 3 Broadcast 'We have fed our Seas', 1982
Personnel were: Peter Bellamy, also featuring: Dolly Collins (piano) and Ursula Pank (cello)
Songs of the sea from the Saxons to the 19th century - Kipling, Traditional, and anon/Bellamy.
Tracks were: Song of The Red Warboat, Sir Patrick Spens, Sir Andrew Barton, The Spanish Armada, The Zealous Puritan, The Dutch in The Medway, We Have Fed Our Seas, Andrew Rose & The Cruel Ship's Captain, The Death of Nelson, The British Man Of War, You Gentlemen of England, The China Clipper.
Re-released as Private Issue Cassette via Jenny Bellamy
Availability: Tapes in the Dave Harris Archive