Updated from 10:59 a.m. EDT

DryShips ( DRYS) led the dry bulk shippers higher Friday after Oppenheimer upgraded the stock.

Oppenheimer raised its rating on Athens, Greece-based DryShips to Outperform from Perform, contending that the stock will see little further dilution now that it has completed its latest offering. Shares rose 29.2% to $7.17.

Other dry bulk shippers followed suit:

Diana Shipping ( DSX) rose 5.2% to $15.13.

Eagle Bulk ( EGLE) rose 12.4% to $6.89.

Genco ( GNK) rose 15.9% to $19.08.

Excel Maritime ( EXM) rose 8% to $7.54.

Navios Maritime ( NM) rose 13.7% to $3.49.