there was a dundee folk band in the 60s called the lowland folk from Dundee in Scotland. They recorded a Dundee song called the Baleana. It is virtually the same song. Given that Dundee was a base for Whaling -as it needed the oil for working jute-the major industry in the town at the time- and that the song sets off from Dundee I would think it's origin may well be there.