[waw-ter-wey, wot-er-]
a river, canal, or other body of water serving as a route or way of travel or transport.
Shipbuilding. (in a steel or iron vessel) a depressed gutter at the edge of the deck inside the bulwarks, used especially when the decking is wooden.
a channel for vessels, as a fairway in a harbor.

before 950; Middle English; Old English wæterweg. See water, way1

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World English Dictionary
waterway (ˈwɔːtəˌweɪ)
a river, canal, or other navigable channel used as a means of travel or transport

Collins English Dictionary - Complete & Unabridged 10th Edition
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Example sentences
Officials have not confirmed this, but it would follow a wearily familiar
  pattern for shipowners using the waterway.
Earlier this decade, the waterway's piracy problem reached crisis levels.
The debris poured into a river and dammed the waterway, causing it to flood and
  submerge parts of the area.
All of us can help keep contamination out of the waterway.
Images for waterway
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