Someone mentioned Farley Mowat and "The Grey Seas Under". The Mary Ellen Carter was not based on a story from that book, but "The Wreck of the Athens Queen" was (Fogarty's Cove, 1977). It's the story of what happens when a ship is lost and there are is no crew to save - the locals pick it clean! It's a fun song, but the story behind that custom often involved scavengers killing the survivors. Just thought I'd throw that tidbit into the mix.