Robert Rodriquez was wondering if there might be versions where the cabin boy sinks his own ship after his captain refuses to honor the promise of payment for sinking the enemy ship.
Casey Casebeer came up with one, "The Golden Willow Tree," by Joel Mabus.

Mabus says: 7. The Golden Willow Tree is a ballad with many names - often called The Golden Vanity. Sometimes shelved as a "Child Ballad," it has been around since the days of Sir Walter Raleigh, whose exploits the earliest versions expound. Aaron Copland once turned it into a fancy high-art piece, but in earthier editions it is still a favorite with traditional balladeers. I made my own version from several I have heard, notably those from Arkansas. But I have stitched in a few verses of my own and let my own language tell the story. Another instance of nothing new under the sun, the duplicitous captain and his venal crew are the very picture of recent Wall Street scoundrels. [liner notes - (click)]

        
Lyrics by Joel Mabus
Golden Willow Tree
(Fossil 1504)


THE GOLDEN WILLOW TREE
(traditional, arranged & adapted by Joel Mabus)

Well there was a little ship sailin' on the sea
Oh the low the lonesome low
There was a little ship a-sailin' on the sea
And the name of the ship was The Golden Willow Tree
Sailing on the lonesome lonesome low
Sailing on the lonesome sea

They hadn't been to sea two weeks or three
When along come the pirate, Turkish Sugaree

The captain turned to his able crew
Saying, oh brave boys what will I ever do?

Captain, oh captain, what will you pay
To the man who can sink the Turkish Sugaray

Why I'd give my daughter and a sack of my gold
To the brave boy who could prove so bold

Then the little cabin boy jumped in the sea
And he swum 'til he come to the Turkish Sugaree

And he had a little auger fitted for the use
He drilled nine holes and he let in the juice

Some with their hats and some with their caps
Tried to keep the water from a-comin' through the gaps

But every man aboard the Turkish Sugaree
Met his doom in the bottom of the sea

Then the little cabin boy swum back to the fold
Said, haul me up aboard boys; I'm dyin of the cold

But the Captain said - you'll not come aboard
You won't have my daughter and you won't have my gold

Oh captain, captain how can it be
You'd pay your man with such treachery

Oh my gold is my pride -- my daughter is my joy
And I won't give 'em up to a black cabin boy

Now there's a little cabin boy drownin' in the sea
And he's drilling little holes in the Golden Willow Tree
He'll sink 'em in the lonesome lonesome low
Sink 'em in the lonesome sea

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Any other versions of the song where the boy sinks his own captain's ship??