In the previous report, the authors carried out impact test and a milling test by use of a propeller model designed for a high powered icebreaking merchant ship of Arctic Class 7 and above and made clear propeller ice loads in various prepeller-ice interacting conditions. In this report, the authors study the behaviour of stresses caused to the propeller by these ice loads by carrying out a static load test using FPP and CPP models of 1.1 m diameter and also FEM analysis. From this, the authors experimentally and theoretically clear stress level and strength order of each component of the propeller and obtain useful data for designing propellers for ice breaking merchant ships. At the same time, problems concerning application of FEM in development of such propellers are found.