In order to investigate the collapse behavior of ship structural elements, it is important to determine the boundary conditions of the plate panels. The strength of the panels constituting thin walled structures like ships have to be evaluated by considering the continuity between neighboring panels as the boundary condition. And it is possible to examine the load carrying capacity within the post-ultimate strength region accurately by taking into account the continuous boundary conditions using finite element method. In this paper, the behavior of the post-ultimate strength of the rectangular panels subjected to in-plane combined loads is examined by using in-plane and rotational continuous models along edges of a panel.