The 500-dwt Clara E (built 1958) was boarded by the navy and police in a joint operation at Barranquilla, local media reported.
Authorities seized 193 bags each containing 20kg of cocaine, plus 40 packages of marijuana, on 10 March.
They were hidden inside building material.
Seven crew, including one Nicaraguan and six Colombians, have been arrested for drug trafficking.
The ship is listed as managed by Inversiones Bay & Day of Panama City.
