Arab media reports, citing a 537-page report written by a UN panel of experts on Yemen, say the Houthis earn up to $180 million a month from ship operators seeking to avoid the longer, more expensive voyage around the Cape of Good Hope.

According to U.N. experts, the Iranian-backed Houthis have now transformed themselves from a relatively small local resistance group into a powerful regional force.  

On Sunday evening, the Yemeni Armed Forces (YAF) issued a statement warning against selling, reflagging or transferring maritime assets, lest the Republic of Yemen take punitive measures against the vessels and their owners.

The statement said that the Yemeni Armed Forces will continue to impose a naval blockade against the enemies of “Israel” and target all vessels that are affiliated with “Israel”, associated with “Israel” or sailing towards “Israel”.

The spokesman for the Yemeni military, Brigadier General Yahya Al-Sari, declared that: “Intelligence information confirms that many ‘Israeli’ enemy shipping companies are endeavouring to sell their assets and transfer their maritime shipping and transportation properties to other companies or register them under other names as a means of circumventing the punitive measures that have been imposed by the Republic of Yemen on those ships and companies”.