As the hull form of Korean fishing vessels is different from that of Japanese fishing vessels, the statistical regression analysis results of the resistance estimation for the Japanese fishing vessels is not able to be employed for the Korean fishing vessels just as it is. In this paper, it is introduced to an effective horsepower estimation method for the Korean domestic coastal fishing vessels, which is based on the statistical regression analysis of the model test results of the Japanese fishing vessels and the adjustment of those regression factors using the hull form data and model test results of Korean fishing vessels. The estimation results of the effective horsepower using the present prediction method are compared with experimental data. The comparison results show good agreements in the conventional speed range of fishing vessels.