There'an excellent video of this song as recorded by the Lowland Folk Four in 1967. https://www.youtube.com/watch?v=K6OYb_7bhME

I suspect this is close to the original version.

Here are the lyrics. They leave out A.L.Lloyd's verse about the lost boat, which I suspect was added much later since it has nothing to do with the rest of the song.

THE BALAENA
as sung by the Lowland Folk Four (1967)

1.
There's a noble fleet of whalers a-sailing fae Dundee,
Weel manned by British sailors, they sail them on the sea;
On the Western Ocean passage, none with 'em can compare,
But the smartest ship to make the trip is the Balaena I declare.

Ch: For the wind is on the quarter and the engine's workin' free,
    there's no another whaler a-sailin' fae Dundee
    Can beat the old Balaena, so you needn't try her on,
    For we'll challenge all baith large and small, fae Dundee tae St. Johns.

2.
There's the new built Terra Nova, a model with no doubt,
The Arctic and Aurora you've heard so much about,
Cap'n Jacklin's model mail-boat, the terror of the seas,
Couldn't beat the old Balaena on a passage fae Dundee.

4.
Oh, Jackman carries canvas, and Bailey raises steam,
And Captain Guy in the Young boat (?) goes ploughing through the stream,
And Mullin declares the Eskimo could beat the blooming lot,
But to beat the old Balena, boys, he'd find it rather hot.

5.
And now that we are landed, where the rum is mighty cheap,
We'll drink success to the Captain for ploughin' us o'er the deep,
A health tae all our sweethearts, an' tae our wives sae dear,
Not another ship could make the trip but the Balaena I declare.