"The Bonny Ship the Diamond" is an old Scottish song about the West Greenland right whale fishing in the 1820s. Over-fishing in the Greenland Sea (off the north-eastern coast of Greenland) during the early 19th century had a devastating toll on the whale stocks. A new hunting ground was discovered in the region of the Davis Strait (between Greenland and Baffin Island) and it was mostly here that The Diamond fished. In 1830 The Diamond, Eliza Swan and The Resolution along with seventeen other whaling ships were caught in the ice of Melville Bay (off north-western Greenland) in Baffin Bay. The ships were lost and many sailors lost their lives. The chorus is slightly remeniscent of "Drill, Ye Tarriers, Drill".
Other whaling songs in this section are:
    "Greenland Whale Fishery"
    "Blow, Ye Winds"
    "Rolling Down to Old Maui"
It was recorded by Ewan MacColl, A.L. Lloyd, The Clancy Brothers with Louis Killen, John Roberts, Judy Collins, The Hardtackers and others.
I first heard it from the Judy Collins recording.