Red Fez, This sounds very like a version which appeared on Rounder 18964-1519-2. American Sea Songs and Shanties. When Jones's Ale Was New, collected in 1941 in Washington, D.C. by John Lomax and sung by John M (Sailor Dad) Hunt. I'll dig the words out after lunch and post them.

Mr Happy. A tankers ass is pretty obviously an ass belonging to a tinker, complete with typographical error.