US-listed bulker company Diana Shipping said on Tuesday it will spin off at least three of its older vessels in a separate vehicle with a view to distribute its shares to the company's shareholders.

Upon completion of the envisaged transaction around 9 November, Diana shareholders will obtain a cash dividend of $0.10 per share, the company said in a statement.

The spin-off is to be called OceanPal and start life with Diana's 73,600-dwt Protefs (built 2004), 73,700-dwt Calypso (built 2005) and 171,800-dwt Salt Lake City (built 2005).