AKiCiF: Looking for a song

Long ago and far away (OK -- sixteen years ago, in Skowhegan), kinzel and I went on down to Coburn Park to hear a local somewhat-known-trio who was not Schooner Faire (SF being three guys and the group we heard was two guys and a girl) in concert. They sang an enjoyable, but not memorable, couple sets of sea songs and finished up with a song I haven't heard before or since, and which I would very much like to hear again.

The set-up is that the narrator has signed on to a ship of great renown under a canny, careful and experienced captain; the first bit is praise for captain and ship. Unfortunately, misfortune overtakes the ship, but the captain is notable for his concern for the safety of the crew and is praised by the narrator for his bravery. The refrain is something on the order of "Swim!/Swim for your lives!/Swim for your children/Swim for your wives!" The crew is taken up, the ship goes down -- and it is then that the narrator reveals that the captain sunk his own vessel for the insurance money.

Anyone recognize it from the above, admittedly poor, description?