By Dana Sanchez
In what has been described as the largest cocaine haul in American history, U.S. authorities have seized a container ship near Philadelphia owned by J.P. Morgan Asset Management.
U.S. Customs and Border Protection agents raided the MSC Gayane on June 17. They found 20 tons of cocaine stashed in several containers with a street value of $1.3 billion.
The MSC Gayane is 1,030 feet long — about the size of three football fields, NPR reported.
The circumstances and seizure surrounding a ship this massive are unprecedented, said William McSwain, the U.S. Attorney for the Philadelphia area, in a statement.
“Historically, ships involved in criminal activity are older and beaten up,” said Basil Karatzas, CEO of New-York-based Karatzas Marine Advisors & Co, in a Wall Street Journal interview. “It is strange that such a modern and expensive vessel is involved in such a blatantly criminal case, like moving 20 tons of cocaine.”
JP Morgan’s ship was built in 2018 and is worth about $90 million, WSJ reported. It has capacity for 10,000 containers. Click here to read entire article