Child 250, or similar; from the singing of Sam Larner, filtered through Martin Carthy.
The phrase ‘lofty tall ship’ crops up in the Dolphin; at one time I imagine most ships in song were both lofty and tall. As far as I know this is the only one that makes it into the title of a ballad, though. This is one of the shorter folk-processed versions of the ballad of Henry Martin, which is itself a pruned and folk-processed version of an enormously long ballad about the sixteenth-century pirate Andrew Barton; Peter Bellamy sang a version of Andrew Barton as part of his Maritime England Suite.
Concertina update: I still can’t play it (the instrumental break towards the end is played on melodica). But it does produce a very nice drone (Bb and Eb on this occasion).