One important parameter for evaluating the safety and reliability of a ship is o the dynamic ultimate load capacity of ship structures. Because of the importance of this parameter, its determination is essential. In this paper, a novel “two-step” approach for determining the dynamic ultimate load capacity of ship structures is proposed. The main idea of two-step approach is to determine the dynamic ultimate load capacity based on the static ultimate load capacity after accounting for impacts that cause strain on the ship structures. This approach is based on nonlinear finite element method. Here, taking stiffened plate as a case study, the practical application of thus two-step approach is discussed in detail. The results of this approach reveal that the static ultimate load capacity decreases by less than 3% after a stiffened plate is subjected to an impact load whose amplitude corresponds to the dynamic ultimate load capacity. Then, the influence of the impact duration on the failure mode and the effect of the impact load cycles and the impact load sequence on the dynamic ultimate load capacity of the stiffened plate were investigated. Finally, the applicability of the two-step approach to a hull girder is demonstrated. The two-step approach and the conclusions presented in this paper can provide guidance for the evaluation of dynamic ultimate load capacity.