Hauling shanty, probably Negro in origin. "I'm bound away to leave you, Goodbye, my love, goodbye. I never will deceive you, Goodbye, my love, goodbye." Given verses are all variations on the 'goodbye, farewell, we're bound away' theme.
I thought very seriously about lumping this with "Goodbye, My Lover, Goodbye," given that both have sailor versions and both are weak in the plot department. I'm still not sure, but I haven't seen any actual common lyrics, and the tunes are different. Still, it's hard to be sure about fragments. - RBW