Clarksons Research Services believes shipping markets are continuing to move forward, but "wildcards" remain to potentially cloud the outlook.
Managing director Stephen Gordon said in the broker's six-monthly report that bulkers and boxships have made further gains this year, with earnings up 25% and 38% from 2017.
LNG is very positive, while "LPG market conditions have been difficult, but some positive tends are starting to filter through," he added.
The tanker sector has deteriorated further, with earnings down 29%, and, despite improvement, a tough winter looms for OSVs.
Risks seem greater than six months ago, including from rising trade tensions, he added.
Gordon said seaborne trade is projected to rise 3.1% in 2018 to 12bn tonnes, however.
Ship supply a positive
LNG and LPG volumes are expected to grow 11% and 4% respectively, with boxships at 5%, tankers at 1.4% and bulkers at 2.6%.
Vessel supply is looking "more manageable", the report said, with yard output still falling and relatively high levels of scrapping.
S&P volumes remain strong with 57m dwt sold in 2018, half of which were bulkers.
Second-hand prices are edging up for modern ships.
Consolidation remains a growing trend among owners, Gordon said.
Positive market wildcards may arise from the IMO 2020 legislation as some ships take time off for scrubber fittings, he added.
There could also be slow-steaming, more scrapping and changing oil trades as a result of the 2020 deadline.
