DUBAI, United Arab Emirates (AP) — Dubai-based port operator DP World reported Thursday its half-year profits fell by nearly 60%, in part over the attacks by Yemen’s Houthi rebels over the Israel-Hamas war that have affected shipping through the Red Sea.

DP World reported profits of $265 million this year, down from $651 million the same time last year. DP World Group’s chairman and CEO, Sultan Ahmed bin Sulayem, acknowledged that the Red Sea disruptions affected the firm’s revenues.