The current International Association of Classification Societies (IACS) rule for designing stiffened panels was found in Wang et al. (2024) to conservatively predict the ultimate strength of panels when transverse loads predominate. This conservatism arises from the overestimation of bending moments acting on stiffeners by directly applying the beam analogy in both longitudinal and transverse directions in the rule formulation when evaluating stiffener yielding.To address this issue, this paper applies the orthotropic plate theory to calculate bending moments experienced by the stiffeners of panels under biaxial loads. Orthotropic properties are derived from equivalent sectional areas and moments of inertia. The predicted bending moments are validated through comparisons with numerical simulations. The effects of boundary conditions and deflection patterns with varying numbers of half-waves are discussed. Based on the analytical results, a modification of the IACS rule formulation is proposed by introducing a correction factor to account for transverse loading effects in the bending moment calculations. The factor is a function of the ratio between longitudinal and transverse loading.The modified IACS rule formulation is verified through numerical simulations of aluminium panels using ABAQUS and comparisons with results from existing literature on steel stiffened panels under various biaxial loading conditions. The modified rule formulation shows improved accuracy in predicting the ultimate strength of stiffened panels, particularly in cases with dominating transverse loads. The modified IACS rule formulation can be useful for more reliable and cost-effective design of ships and offshore structures.