This looks like one of George Wiseman's water colours. He was an Aberdeen artist who was commissioned by a lot of trawler owners in the 1950's and 60's to paint their new vessels. Also the man who inspired me to paint trawlers!
I ll be damned. I took a closer look at my photo, and down in the corner, I could discern the name George Wiseman. However, these pics were mass-produced. (My copy is of the M.T. Gylfi BA 16, Goole 1952, and was inherited from my late father. It is definetely a photo of the original.) But about 6-7 years ago, I saw numerous copies of various ships for sale at the Reykjavík flea market.