Drybulk shipper Genco Shipping filed for Chapter 11 bankruptcy protection on Monday as it tries to reorganize its business and reduce debt.

The New York company says it has about $1.3 billion in debt. Earlier this month it struck a deal with some of its lenders intended to help reduce its leverage and restructure its liabilities.

The company has 53 vessels, making it one of the largest drybulk shippers in the world. Most of its ships are chartered to third parties, and that means fluctuating rates can hurt its revenue: Genco reported $277.5 million in total revenue in 2013, down almost 50% from 2010.

Drybulk ships carry cargo including iron ore, coal, grain, cement and fertilizer. Genco Shipping & Trading Ltd. shares closed at $1.70 on Thursday.

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