Some 300 kilos of cocaine were seized during an operation by Customs and the police at Malta Freeport on Sunday.
The drug was in 300 blocks packed in a container that was in transhipment. It started its journey in Guayaquil, Ecuador and was bound for Piraeus, Greece.
A magisterial inquiry is underway.
This year was a busy one for Malta Customs, with 2,148 kgs of cocaine and 4,774 kgs of cannabis resin and cannabinoids having been seized.
Among the most significant finds were 146 kilogrammes of cocaine hidden in a container transporting sacks of unperforated buttons. That shipment, with a street value of €20 million, was intercepted last month. It was bound for the Maltese market.
Later in November the authorities also seized 100 kilos of suspected cocaine having a street value of €14 million.