rust bucket

rustbucket

[ruhst-buhk-it]
noun Slang.
an old, run-down freighter, especially one whose hull is covered with rust.

Origin:
1940–45; rust + bucket

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World English Dictionary
rust bucket
 
n
1.  slang something that is run-down or dilapidated, esp a very badly rusted car
 
adj
2.  informal run-down or dilapidated: rustbucket factories

Collins English Dictionary - Complete & Unabridged 10th Edition
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Dictionary.com's 21st Century Lexicon
Main Entry:  rust bucket
Part of Speech:  n
Definition:  any transport that is old and very rusty, esp. a ship
Dictionary.com's 21st Century Lexicon
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