Other than the mere form (and some would say the phrase "My boys") there is no evidence at all that this excellent song was used as a shanty. No shanty collection includes it or any variant of it. It seems not to have been widely known in the 19th century in any case.

Yes, it *could* have been used, by somebody, somewhere, as a shanty, but so could any song with a similar refrain pattern, including "The Two Sisters."