The report was commissioned after passenger concerns over the vessel.
Naval architects Houlder found it "well suited to operating in the English Channel", but "teething problems are expected with any new vessel".
It also suggested changes to improve the ride, the handling and berthing performance of the ferry.
The States of Jersey and Guernsey have welcomed the report's findings.
Houlder was commissioned to carry out an investigation by Condor Ferries and the States of Guernsey and Jersey.
It followed concerns raised by passengers about the vessel, which started serving the Channel Islands to Poole route in March.
Report's conclusions
Report's recommendations
Problems in its first two weeks led to the company issuing a public apology in April and further issues, including with its loading ramp, led to the review in May.
Captain Fran Collins, executive director of operations for Condor Ferries,  said: "Condor Liberation is a superb ship and, whilst we recognise that there are still opportunities to improve, we are delighted to have her as part of our fleet.
"This independent verification of her safety, suitability and performance is obviously very welcome.
"We accept all of the report's findings and will implement its recommendations."
Deputy Kevin Stewart, chairman of Guernsey's External Transport Group, said it was extremely pleased the report had "categorically confirmed the safety and suitability of the Condor Liberation for operation between the UK and the Channel Islands".
Senator Lyndon Farnham, Jersey's Economic Development Minister, said he hoped passengers were "reassured by the report's findings".
A report into the safety and suitability of the Condor Liberation ferry has ruled there are "no concerns" about its stability.