However, Penny questioned whether prices this year would continue at the same level as 2018.
"We're doubtful. Global demand for logs is actually falling, with log import volumes dipping around 2 per cent in three months to November compared to the same three months a year ago," he said.
Penny is anticipating global log demand will fall further, given world economic growth was slowing, particularly in China.
"China is the world's largest importer of logs and NZ's largest market by a long shot," he said.
For the three months to last November, Penny said New Zealand's market share increased by 4 percentage points to 42 per cent, while the US and Canada's share had fallen 5 percentage points to 15 per cent.
"Unless New Zealand could continue to grab market share from other exporters, it is unlikely to be immune from falling demand, for a second successive year," Penny said.