The U.S. Coast Guard announced the record-breaking seizure of twenty tons of cocaine or 42,845 pounds in a ship off the Pacific coast, most likely headed to a port in Mexico.

Authorities, who described the bust as the largest recorded maritime seizure in history, estimate the wholesale value of the drugs to be estimated at more than $275 million.

The vessel, which was located about 15 miles off the Panamanian coast when it was intercepted by a joint U.S. Coast Guard, Panamanian and U.S. Drug Enforcement Agency group, is believed to have been headed to an unnamed port in Mexico.

Since January 2000, the joint task forces have seized 630 tons of cocaine, and led to the conviction of more than 1,100 drug-trafficking suspects.

In a statement, Secretary of Homeland Security Michael Chertoff said, "This operation is a prime example of interagency teamwork among the DEA, the Coast Guard, and other Homeland Security and Department of Justice components."

Commandant of the Coast Guard, Adm. Thad Allen, echoed Chertoff's sentiments, saying, "This record-breaking seizure was the result of good actionable intelligence and the closest collaboration amongst our interagency partners through Operation Panama Express....ultimately preventing nearly 20 tons of cocaine from reaching streets all across America in a single stroke."