Etymology
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waterline (n.)

also water-line, 1620s, line where the water rises to on the hull of a ship afloat, from water (n.1) + line (n.).

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Definitions of waterline

waterline (n.)
a line corresponding to the surface of the water when the vessel is afloat on an even keel; often painted on the hull of a ship;
Synonyms: water line / water level
From wordnet.princeton.edu