"We are very happy this product has been taken out of circulation. It would have caused significant destruction," Mr Chambers said.
He said the arrests had dismantled a trans-national crime syndicate.
The ship was in seaside at the port when the cocaine was taken off.
Mr Chambers said there was nothing to indicate anyone on the ship was aware of what was going on.
The ship came to Tauranga via Colombia, Peru and Chile. It was the largest seizure of cocaine in the country and was an attempt to expand that market in New Zealand.
"This was an effort by a syndicate to target New Zealand because we pay high prices," Mr Bamford said.
"It's all about greed."
Investigations were continuing into how the money was being moved.
Mr Bamford said the people arrested in Tauranga had travelled from Auckland.
He said the drugs were found in a seachest, which is a compartment by the rudder.
Mr Chambers said there has been an increase in the amount of cocaine seized in New Zealand. Police would be "looking closely at the assets accumulated through this offending".
"We expect it would have been distributed throughout our country and distributed far and wide."
The arrested men were temporary visitors to New Zealand, not residents.
A significant number of police officers were involved in the investigation and the raids.