Dubai-based Gulf Navigation Holding has tapped the Chinese leasing market to refinance five of its product tankers under what it described as new and preferential terms.

The company, which is listed on the Dubai Financial Market, is one of a growing number of Middle Eastern shipowners to tap Chinese lease financing as an alternative to traditional bank loans.

Gulf Navigation said in a regulatory filing on Wednesday that it had concluded lease financing deals with Jiangsu Financial Leasing for five of its 46,000-dwt MR-type product/chemical tankers.