My belief is that the song is one of Leadbelly's songs; the recording I have is "Music from Mud Acres" recorded around 1971 by some veterans of Jim Kweskin's jug band. I don't remmeber the part about the hempen rope (are you sure you aren't thinking of Roddy McCorley here?) but the melody is quite reminiscent of Leadelly's Cotton Fields of Home.

It was midnight on the sea, band was playing Nearer My God To Thee, Fare thee, Titanic, fare the well. . . (repeat)

and so on. Does anybody have the full recording? I am working from unreliable memory here.