It's especially poignant to hear a cover when there is a personal connection to the song.
In this case, singer Courtney Taylor had a cousin - the third mate -who died on the real-life Edmunnd Fitzgerald. For him, Gordon Lightfoot's classic really means something. So, when he puts a dirge-like feel on this cover, you know he's singing it with real emotion.
This is one of two covers of this song that the Dandy Warhols did. Here is the other, which is even a little more ghostly and less dirge-y with the jangly acoustic guitar.