This present paper deals with a mathematical description of linear axial and torsional vibrations. The normal and tangential stress tensor components produced by axial-torsional deformations and vibrations in the propeller and intermediate shafts, under the influence of propeller-induced static and variable hydrodynamic excitations are also studied. The transfer matrix method related to the constant coefficients of differential equation solutions is used. The advantage of the latter as compared with a well-known method of transfer matrix associated with state vector is the possibility of reducing the number of multiplied matrices when adjacent shaft segments have the same material properties and diameters. The results show that there is no risk of buckling and confirm that the strength of the shaft line depends on the value of the static tangential stresses which is the most important component of the stress tensor.