Found in the Alan Lomax collection: The Bahamas 1935.  Later sung by Harry Belafonte, Gordon Bok, &c.  This is the version sung by Dan Aguiar and John Townley on The X-Seamen’s Institute album “Heart of Oak”.  Although there are several explanations trying to tie this song to racist origins, it seems that the firmest citations claim simply that this is a Bahaman folk song making reference to “rum runner” vessels during US prohibition that would sail out from the US painted white and claiming to be on a pleasure cruise or such.  Then when it sailed back to the US, it would be painted black and run as much by night as possible, dousing running lights, to avoid sight detection as they ran their illicit cargo back into their home base.

        I
Belamena. Belamena.
         I                           V
Belamena lies in the harbor.
        V
Belamena. Belamena.
        V                          I
Belamena lies in the harbor.

          I                                IV
They put the Belamena on the dock,
                V                                   I
And they paint the Belamena black, black black.
I                                   IV
Paint the Belamena black, black, black
                            V                                 I
And when she come back, she was white.

Oh the Nagua. Oh the Nagua.
She got stuck in New York harbor.
Oh the Nagua. Oh the Nagua.
She carried a very funny cargo.
They put the MaNagua on the dock,
And they paint the MaNagua black, black, black.
Paint the MaNagua black, black, black,
And when she come back, she was white.

Oh the Mystery. Oh the Mystery.
Little boat oh so pretty.
Oh the Mystery. Oh the Mystery.
She was built to carry whiskey.
They put the Mystery on the dock,
And they paint the Mystery black, black black.
Paint the Mystery black, black black,
And when she come back, she was white.

repeat first verse.