This study focuses on the potential flow analysis for a hull with the transom stern. The method is based on a low order panel method. The Kelvin type free-surface boundary condition which is known to better fit experimental data for a high speed is applied. To treat a dry transom stern effect a special treatment for the free-surface boundary condition is adopted at the free-surface region after the transom stern. Trim and sinkage, which are important in high speed ships, are considered by an iterative method. Pressure and momentum approaches are used to calculate the wave resistance. Numerical calculations are performed for Athena hull and these results are compared with the experimental data and also other computational results.