What does Exodus 15:1-10 mean?

Then Moses and the people of Israel sang this song to the LORD, saying, “I will sing to the LORD, for he has triumphed gloriously; the horse and his rider he has thrown into the sea. The LORD is my strength and my song, and he has become my salvation; this is my God, and I will praise him, my father’s God, and I will exalt him. The LORD is a man of war; the LORD is his name. “Pharaoh’s chariots and his host he cast into the sea, and his chosen officers were sunk in the Red Sea. The floods covered them; they went down into the depths like a stone. Your right hand, O LORD, glorious in power, your right hand, O LORD, shatters the enemy. In the greatness of your majesty you overthrow your adversaries; you send out your fury; it consumes them like stubble. At the blast of your nostrils the waters piled up; the floods stood up in a heap; the deeps congealed in the heart of the sea. The enemy said, ‘I will pursue, I will overtake, I will divide the spoil, my desire shall have its fill of them. I will draw my sword; my hand shall destroy them.’ You blew with your wind; the sea covered them; they sank like lead in the mighty waters.

English Standard Version (ESV)