I first heard the song in Shaw Savill in the early '70s. I can't remember which ship.
There was a tune but as far as I know it was it's own tune and not something well known.
The Scavenge's on fire...... fire in the scavenge air trunk which happened quite frequently in these old B&W 2 stroke exhaust piston type engines. Particularly the Shaw Savill C class ships eg Cedric, Canopic, Carnatic etc. Happy Days !