It's a Scottish song (as if that needed confirming); there's a text in Ord, Bothy Songs and Ballads and seven, some with tunes, in the Greig-Duncan collection (vol 5, which I don't have). MacColl used a lot of material from Greig-Duncan, frequently grafted onto fragments he had learned from his father. Here, the hero seems to have been demoted; he is usually an admiral or at least a captain.
Number 2343 in the Roud Folk Song Index.