Dry shipper Genco Shipping & Trading Ltd has filed plans to take a recently formed subsidiary public in an offering of up to $230 million.

The unit, Baltic Trading Ltd, will focus on the spot market, but does not own any vessels. It will use the IPO's proceeds and $75 million Genco will contribute to buy boats, according to a prospectus filed with the U.S. Securities and Exchange Commission.

Separately, mining company Golden Minerals Co, which was previously known as Apex Silver Mines Ltd when it filed for bankruptcy in January, filed a plan to raise up to $115 million in an IPO.

Baltic, which will be managed by Genco, will finance future vessel acquisitions through share offerings.

No terms such as the size or potential timing of the IPO were disclosed in the filing.

Dry shippers' stocks have recovered well in 2009 after falling last year -- Genco shares are up 44 percent this year.

But last week, Deutsche Bank issued a research note saying it expects pressure on day rates and dry bulk stocks because of concerns Chinese demand for goods transported by dry shippers is unsustainable.

Baltic plans to list on the New York Stock Exchange under the symbol BDI.

The Baltic IPO is being managed by Morgan Stanley and Dahlman Rose & Co.

Golden Minerals, based in Golden, Colorado, runs silver mines in Latin America. In the first three months following its emergence from bankruptcy in late March under a new name, Golden Minerals lost $7.1 million on revenue of $3.3 million, according to the company's prospectus.

Dahlman Rose is leading the Golden Minerals IPO.

(Reporting by Phil Wahba; Editing by Andre Grenon, Bernard Orr)

Investment Morgan Stanley