Abstract: In this paper, the efficiency of Propeller Boss Cap Fins (PBCF) installed at the bulk carrier was estimated under both Propeller Open Water (POW) and self-propulsion conditions. For this estimation, virtual model-basin tests (resistance, POW, and self-propulsion tests) were conducted through Computational Fluid Dynamics (CFDs) simulation. In the resistance test, the total resistance and the wake distribution according to ship speed were investigated. In the POW test, changes of thrust, torque coefficient, and open water efficiency on the propeller according to PBCF installation were investigated. Finally, the International Towing Tank Conference (ITTC) 1978 method was used to predict the effect of PBCF installation on self-propulsive coefficient and brake horsepower. For analyzing incompressible viscous flow field, the Reynolds-Averaged Navier–Stokes (RANS) equation with SST k-ω turbulence model was calculated using Star-CCM+ 11.06.010-R8. All simulation results were validated by comparing the results of model tests conducted at the Korea Research Institute of Ships and Ocean Engineering (KRISO). Consequently, for the self-propulsion test with the PBCF, a 1.5% reduction of brake horsepower was estimated in the simulation and a 0.5% reduction of the brake horsepower was estimated in the experiment.