IPA: //ˈstɪrɪdʒweɪ//
KK: /ˈstɪrɪdʒweɪ/
The lowest speed at which a ship or boat can be controlled by its steering mechanism.
The captain ordered the ship to reach steerageway before attempting to turn.
Steerageway is formed from "steer" (from Old English "styran", meaning to guide or direct) and "way" (from Old English "weg", meaning a path or road). The term refers to the way or path that a vessel can be directed or guided through the water.
Think of 'guiding' ('steer') a 'path' ('way') through the water — that's what steerageway means.
No commonly confused words.