This is what the Spinners had to say about the song when they recorded it:
[1970:] This came to us in part as a two verse song about The Sovereign of The Seas. [This] ship was so unpopular that her crew set her on fire - twice! However, her sister ship was a different proposition, so a change of title and two new verses gave us the present song. (Notes 'The Spinners Are In Town')
Seems she was called the 'Champion of the Seas' after all!