Here is what we know so far about the arms seizure in the Mediterranean sea.

It is an Antiguan flagged ship named Francop. (Don't be too distracted by the flag. A ship can fly the flag of a particular country and never go there.)

It was intercepted by Israeli naval commandos about 100 miles off the coast of Israel. From my vantage point, I can see it docked at the port of Ashdod.

Israeli media is reporting that the load of weapons is larger than the one seized off the infamous Karin A, which was stopped in 2002 with a load of weapons destined for the Gaza strip.

Israeli Prime Minister Benjamin Netanyahu said said that the weapons "could have hit Israeli cities" this is a strong indication that the shipment contained rockets or missiles destined for Hezbollah guerrillas in the South of Lebanon, on Israel's northern border.

Defense Minister Ehud Barak supported that in a separate statement saying the weapons were destined for "the terrorist arena in the north." A common route for weapons headed to Hezbollah is that they land in Syria, then travel over land across the Lebanese border into Hezbollah hands. Arming Hezbollah is a violation of UN resolution 1550 which calls for the disarmament of everyone in Lebanon other than the Army and it's probably a violation of UN resolution 1701 - the cease fire resolution which ended the 2006 Lebanon war - which calls for no weapons South of the Litani River.

Israeli media reports that the load of weapons includes both Kytusha Rockets - 4000 of which were fired by Hezbollah in the 2006 war. Reports also say the shipment includes Anti-tank missiles the likes of which proved very effective at penetrating Israeli armor and caused more casualties in the Lebanon war than any other weapon.

We're now racing off to the first briefing by the Israeli officials. I'll update as soon as possible.