I'm taking the Bismark Sea mission in the campaign as a reference here. It has "Photo Value" of 60, and a "Min photo value threshold" of 50. So it's not just a binary flag of merchant/warship, and if it was a more specific type, I would expect it to follow the ship type codes.
I actually think that means you need a photos for a total value of 60 to complete the mission, and each photo needs to have at least a value of 50. I don't know what the number means, though. Maybe a function of the reknown gained for sinking a ship, or tonnage?
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