My guess is that this is a composed 'parlor' song, whose popularity resulted in its multiple uses as a work song.

Here is the version in Irwin and Fred Silber, "Folksinger's Wordbook," p. 152, Oak Publications, 1973. No citation.

GOOD-BYE, MY LOVER, GOOD-BYE

The (F) ship goes sailing down the bay,
Goodbye, my lover, good (C7)bye,
We may not meet for many a day,
Goodbye, my lover, good (F)bye.
My heart will evermore be true,
Goodbye, my lover, good (C7)bye,
Though now we sadly say adieu,
Goodbye, my lover, good (F)bye.

Chorus:
Singing (F)by-low, (Bb)my (F)baby,
(C7)By-low, my (F)bouncing baby boy;
Singing by-low, (Bb)my (F)baby,
Good (C7)bye, my lover, goodbye, goodbye;
Goodbye, my lover, good (F)bye.

I'll miss you on the stormy deep,
Goodbye, my lover, etc.
What can I do but ever weep?, etc.
My heart is broken with regret!, etc.
But never dream that I'll forget, etc.

Then cheer up till we meet again, etc.
I'll try to bear my weary pain, etc.
Though far I roam across the sea, etc.
My every thought of you shall be, etc.