Iran-backed Houthi rebels have reportedly seized control of a cargo ship partially owned by an Israeli shipping magnate.

An Israel Defense Forces spokesman called the hijacking incident near Yemen in the southern Red Sea “a grave incident of global proportions.”

Al Hadth reports the ship is called the Galaxy Leader, and sails under the Bahamian flag.

It is claimed that there are 22 crew members aboard, but that none are Israelis. All are said to be civilians.

Israeli Prime Minister Benjamin Netanyahu’s office responded to the hijacking Sunday morning, blaming “Iranian terrorism” for the incident, calling it a leap forward in “Iran’s aggression against the citizens of the free world.”

The ship was bound for India and was seized after leaving Turkey.

The boat is owned by Israeli shipping magnate Abraham “Rami” Ungar of Ray Shipping Ltd.

The ship was being leased out to a Japanese shipping company.

The Houthi Movement is an Iran-backed, armed organization based out of Yemen that emerged in the 1990s as an opposition to former Yemeni President Ali Abdullah Saleh.