For the analysis of vertical vibrations of a ship's hull, the Timoshenko beam analogy is accepted up to seven or eight-node modes provided that the system parameters are properly calculated. As to the shear coefficient, it has been a common practice to apply the strain energy method or the projected area method. The theoretical objection to the former is that it ignores lateral contraction due to Poisson's ratio, and the latter is of extreme simplifications. Recently, Cowper's and Stephen's shear coefficient formulas have drawn ship vibration analysts' attentions because these formulas, derivation of which are based on an integrations of the equations of three-dimensional elasticity, take Poisson's ratio into account. Providing computer programs for calculation of the shear coefficient of ship sections modeled as thin-walked multicell sections by each of the forementioned methods, the authors calculated natural vibration characteristics of a bulk carrier and of a container ship by the transfer matrix method using shear coefficients obtained by each of the methods, and discussed the results in comparision. The major conclusions resulted from this investigation are as follows: (1) The shear coefficients taking account of the effects of Poisson's ratio, Cowper's $K_c$ and Stephen's $K_s$, result in higher values of about 10% in maximum as compared with the shear coefficient $K_o$ based on the conventional strain energy methods; (a) $K_c/K_o{\cong}1.05\;and\;K_s/K_o{\cong}1.10$ for ships having single skin side-shell such as a bulk carrier. (b) $K_c/K_o{\cong}1.02\;and\;K_s/K_o{\cong}1.05$ for ships having longitudinally through bulkheads and/or double side-shells in the portion of the cargo hod such as a container carrier. (2) The distributions of the effective shear area along the ship's hull based on each of $K_o,\;K_c\;and\;K_s$ are similar each another except the both end portions. (3) Natural frequencies and mode shapes of the hull based on each of $K_c\;and\;K_s$ are of small differences as compared each other. (4) In cases of using $K_c\;or\;K_s$ in ship vibration analysis, it is also desirable to have the bending rigidity be corrected according to the effective breadth concept. And then, natural frequencies and mode shapes calculated with the bending rigidity corrected in the above and with each of $K_o,\;K_c\;and\;K_s$ result in small differences as compared each another. (5) Referring to those mentioned in the above (3) and (4) and to the full-scale experimental results reported by Asmussen et al.[17], and considering laboursome to prepare the computer input data, the following suggestions can safely be made; (a) Use of $K_o$ in ship vibration analysis is appropriate in practical senses. (b) Use of $K_c$ is appropriate even for detailed vibration analysis of a ship's hull. (6) The effective shear area based on the projected area method is acceptable for the two-node mode.