All the published versions place this shanty firmly just before the end of a voyage – perhaps just before "Leave Her Johnny, Leave Her" However, it is cited for widely different tasks — as Stan Hugill says:
"Terry and Sharp give it as capstan; Bullen and Whall as halliards; Davis and Tozer as pumps, and Miss Colcord as windlass or capstan."
This shanty is collected as number 704 in the Roud Folksong Index.
A number of people have recorded this. The only one I have heard is by The Hardtackers.