You can follow its movements, minute by minute, from the Marine Traffic site!
Here's the most recent picture of its route:
As you can see, it seems to have turned more towards Egypt since the Israeli navy made contact a few hours ago. And Egyptian officials say that it is headed towards El Arish. But the captain might still change his mind....
UPDATE: The ship disappeared from the site - its GPS apparently turned off. No idea why.
I heard via email that Israel Radio reported that he main engine was damaged.
The captain had denied that he had changed course to Egypt.
And, at least one passenger on this ship craves "martyrdom," which may be part of the problem: (h/t Mere Rhetoric)
1:00 AM Israel time: Israel Matzav says: Israel radio just reported that the ship claims that its main engine is damaged and that it will take several hours to fix.
To me this sounds like the captain might be feigning damage and going to go for Gaza in daylight - or else why would he turn off the GPS?
UPDATE 2: It has re-appeared at the MarineTraffic site, still going 1.4 knots towards Egypt.
UPDATE 3: It is gone again. (3:35 AM Israel time)
UPDATE 4: Back online, going almost due south for some reason at 1.6 knots (4:05 AM) At this slow rate it wouldn't make it to El Arish until Thursday, but earlier in its journey is was going at 8 knots.
UPDATE 5: 6:00 AM, and the ship disappeared again, after being oriented at about 142 degrees, still towards El Arish. At this point is would have to go to 90 degrees to make it to Gaza.
By the way, it is carrying about the same amount of aid that Israel trucks in every day.
AP reported at 5:30 that the Libyan captain claimed to have been surrounded by for Israeli ships.
UPDATE 6: GPS still winking in and out, but the ship picked up speed and seems to be headed for El Arish - 115 degrees, 7 knots. (12:15) Gaddafi Foundation still saying it is going to Gaza, though.