The vessel arrived in Tauranga from Fiji on November 18 and a subsequent search by Customs located the methamphetamine hidden in bags in various locations on board.
A large sum of money found on board has also been seized by Customs.
Customs investigations manager Bruce Berry said the seizure was a reminder that Customs was active in seaports across the country.
Drugs seized from the vessel. Photo / New Zealand Customs Service
"This vessel was identified as posing a potential risk before it arrived in New Zealand, and the seizure is the result of some very good work by Customs frontline officers in Tauranga - one of the main shipping hubs into New Zealand."