In 1991 Rod Stewart recorded the song for his album Vagabond Heart. The song was produced by Trevor Horn. It is the album's opening track, and was released as its first single. The single reached No. 3 in the UK chart and No. 5 on the US chart. The melody is an adaptation of "Loch Lomond". The meter, stanzas and lyrics are also based on the poem, a nod to Stewart's own Scottish heritage. Eric Rigler played the Great Highland bagpipes heard during Stewart's version.
The single was played during the bar scenes in The Perfect Storm, which take place several months after its release (October 1991). It has also been covered by Runrig, who released it as a single. Stewart performed the song (with adjusted lyrics) at the opening ceremony of the 2014 Commonwealth Games in Glasgow.