"Bonny Ship The Diamond" Is A Traditional Folk Ballad That Commemorates A 19th Century Whaling Ship The Diamond That Sailed Out Of Peterhead A Town In Aberdeenshire Scotland In 1825 But Was One Of Many Vessels In A Fleet Lost To The Crush Of Ice Floes In The Davis Straits Between Mid-Western Greenland And Baffin Island In Nunavut Canada In 1830. The Song Was Popularized By Ewan MacColl And A.L. Lloyd In 1957 On Their Album "Thar She Blows!" Reissued In The 1960s On The Washington Label As Whaling Ballads .