Updated from 11:13 a.m. EST

Shipping stocks had a bumpy start Tuesday but were rising into the close after an analyst at Wachovia upgraded three shippers.

As reported by

The Associated Press

, Wachovia's Justin Yagerman raised his rating on

Diana Shipping

(DSX) - Get Report

,

Eagle Bulk Shipping

(EGLE) - Get Report

and

Euroseas

(ESEA) - Get Report

to Outperform, contending that, though it's too early to say the sector's poised for a turnaround now, the stocks' precipitous and rapid decline could present value for investors.

Euroseas stock responded positively to the upgrade, rising 12.6% to $4.84 in recent trading, and Eagle Bulk soared 47.8% to $4.33. Diana was up 7.6% to $12.71.

Elsewhere in the sector:

Shares of DryShips were up 1.8% to $3.99.

Genco Shipping

(GNK) - Get Report

was up 13.5% to $12.64.

Excel Maritime Carriers was up 14.2% to $4.03.