In order to study the problem on form factor of hull form, towing test of a full ship model was carried out for different initial trims under both full and half load conditions. The results were fully discussed on the mutual relations among initial trim, mean sinkage and trim change in run, and form factor. There exists optimum initial trim in regard to form factor. Mean sinkage and trim change in run can be expressed in a uninominal approximation in the form of $k_i{cdot}{F_n}^{2.2}$. The coefficients of this approxmation are related linearly with the initial trim. Form factor changes according to Froude number. It is considered that the trim change in run is a main reason of the fact.