I've revived this thread because I have found another version in Frank Collinson's collection. Please feel free to sing it if you like it. The details and text are below.

Around cape horn and back
COL 2/56A
Tune and Text Capt. Fox Cottingham Hull Yorkshire 7th January 1951

Whilst sailing down the Nor'east trades one moonlight night at sea,
We're gathered on the fo'c'sle head, to sing so gay and free,
To talk of all the pretty girls that we met so far away,
Around Cape Horn an home again - that is a sailor's way!

Chorus
For we’ll cross the Line and South West trades, and round past Table bay,
Around Cape Horn and home again - that is a sailor's way!

Nick tells us of Brazil girls with locks of raven hue,
Who’s flashing eyes and smiles beguiled when they hove into view
Their flirting fans and soft sweet talk he minded many’s the day,
Around Cape Horn and home again - that is a sailor's way!

Tom speaks of those lovely ones he met long ago,
In Table bay as his ship lay safe from the storm and blow,
Their enchanting ways came back to him as up aloft he lay,
Around Cape Horn and home again - that is a sailor's way!

And Charlie yarns of those he met in Australia’s happy ports,
Who walked the quay and laughed with glee at sailor Jack’s retorts,
Their tears when they departed ‘Oh come back again someday!’
Around Cape Horn and home again - that is a sailor's way!

Old Sam he sailed the Southern seas and met the island maids,
All scant of dress they charmed their way on palm-girt beach and glade,
Their farewells o’er the water as the ship sped on her way,
Around Cape Horn and home again - that is a sailor's way!

Young Bill he pipes up sadly when we’ve all spoke our turn,
‘But all those girls cannot compare with her for whom I yearn,
Our wake drifts back to England's shore where I’ll see her some day,
Around Cape Horn and home again - that is a sailor's way!