Kendall, I don't believe the "Mary L McKay" sank, at least not in the song I know; she just made record time from Portland, Maine, to Yarmouth, Nova Scotia, in record time, propelled by Portland rum.

However, "The Walloping Window Blind" DOES come to grief on a reef, although the sailors later successfully hijack a junk, leaving its crew to chew on the bark of the whatever tree.

Then there's "The Champion of the Seas" or the older version about one of McKay's earlier clippers "The Sovereign of the Seas."