I always thought of her as a large schooner, though now that I think of it a schooner may or may not have a mate. And a smaller schooner wouldn't need five to sail her.

I just read a wonderful book titled, Around The World I 500 Days" written by Hattie Atwood Freeman. She joined her father's four masted bark in New York and sailed for Brisbane, the Chinchas, Gibraltar, Trapani, and then finally home to Rockland, Maine. My point is that the crew of the bark totaled 11 with 7 of them being the actual sailors. When they hit difficult conditions and needed every hand aloft Hattie would steer while the men worked the ship.

The song can be about almost any ship that the crew loves. The events could take place anywhere. That is what makes it a great song.