A Panama-flagged bulker has been boarded by naval forces in a drugs raid off Ireland.

Navy officers fired warning shots over the 51,000-dwt Matthew (built 2001) as it failed to stop during the operation on Tuesday, Irish police said.

A “significant quantity” of drugs — likely to be cocaine — was discovered on the vessel, a police statement said. The value was said to be €130m ($137m).

Troops had been lowered onto the deck of the Matthew from a helicopter in challenging conditions after a surveillance operation lasting a number of days.

Three men aged 60, 50 and 31 were arrested on suspicion of organised crime offences and were taken into custody.

One of these was the bulker’s Iranian master, while the others were from a trawler that grounded nearby, the Irish Sun reported.

Irish Army Rangers, the Air Corps, the Garda National Drugs and Organised Crime Bureau and customs officers were also involved in the operation.

Sean Clancy, chief of staff in the Irish Defence Forces, praised the “courage, discipline and professionalism” of those who took part.

A detailed examination of the ship will now be carried out by police and customs officers.

Crowds watched the vessel being escorted into a naval base in Cork.

Rangers were seen on board, as were some seafarers.

The vessel is listed as operated by Matthew Maritime of the Marshall Islands, which has been contacted for comment.

A blow to drugs gangs

Helen McEntee, Ireland’s minister for justice, said the drugs on board would have “no doubt been destined for Irish and European markets”.

In a statement, she added: “It will represent a blow to the organised-crime gangs involved in drug distribution internationally.”

The Matthew has a clean port-state-control record in terms of detentions going back 20 years.

The bulker had left Curacao in the Caribbean on 18 August.

On 1 August, it changed its name from the Honmon.

Ownership was changed to Matthew Maritime on 10 August.

The previous owner was Seawin Marine.