Ahoy!
The Seadogs have a version of this too on their cd "Maiden Voyage."
The Mermaid
'Twas Friday morn when we set sail
And we were not far from the land
When the captain espied a fishy mermaid
With a comb and a glass in her hand
Well, the ocean waves may roll, And the stormy winds may blow
While we poor sailors go skipping to the top, And the landlubbers lie down below, below, below
And the landlubbers lie down below
Then up spoke the captain of our famous ship
And a well-spoken captain was he
This fishy mermaid has warned me of our doom
And tonight we drowned shall be
Well, the ocean waves may roll, And the stormy winds may blow
While we poor sailors go skipping to the top, And the landlubbers lie down below, below, below
And the landlubbers lie down below
Then up spoke the cabin boy of our famous ship
And a well-spoken cabin boy was he
I've a mother and a father in Salem-By-The-Sea
And tonight they childless shall be
Well, the ocean waves may roll, And the stormy winds may blow
While we poor sailors go skipping to the top, And the landlubbers lie down below, below, below
And the landlubbers lie down below
Then up spoke the cookie of our gallant ship
And a well-spoken cookie was he
I care much more for me pots and me pans
Than I do for the bottom of the sea
Well, the ocean waves may roll, And the stormy winds may blow
While we poor sailors go skipping to the top, And the landlubbers lie down below, below, below
And the landlubbers lie down below
Then three times around went our gallant ship
And three times around went she
O, Three times around went our gallant ship
And she sank to the bottom of the sea
Well, the ocean waves may roll, And the stormy winds may blow
While we poor sailors go skipping to the top, And the landlubbers lie down below, below, below
And the landlubbers lie down below