Sorry forgot to add that the song can be heard on the Lowland Folk Four album "Eh'll tell the boaby" -a collection of dundee songs.
Interestingly some of the boats names live on in Dundee as there are pubs named after the Arctic and the Terra Nova. I can't remember the verse about the storm being in any versions i heard of this song in the 60's so maybe it was added after a real storm was experienced by the whaling fleet on the other side of the Atlantic?