Earlier this year, $77 million in cocaine was seized in Newark when investigators cracked open a shipping container.
The seizure comes on the heels of several major busts at the Port of Philadelphia, located about 8 miles up the Delaware River from the Packer Marine Terminal.
In between, the Liberian-flagged ship also made stops in Peru, Panama and the Bahamas, shipping records show. This amount of cocaine could kill millions - MILLIONS - of people.
"This is one of the largest drug seizures in United States history", Tweeted U.S. Attorney William M. McSwain.
Federal authorities are searching the cargo ship and are continuing to investigate. It is considered the largest drug bust ever in the area. In a March bust in Philadelphia, drug dogs sniffed out 1,185 pounds (538 kilograms) of cocaine worth about $38 million - at that time the city's largest seizure of the drug in more than two decades.
The US Attorney's Office estimates the street value at more than $1 billion. It was then taken to an undisclosed federal facility for analysis, the report said.
The ship's owner, MSC Mediterranean Shipping Co., said in a statement it was "aware of reports of an incident at the Port of Philadelphia in which USA authorities made a seizure of illicit cargo".