The seizure of the drugs took place on the weekend on Tiger Island after last Friday Senan received intelligence information about a boat that sailed from Colombia carrying the coke, Senan chief Jose Laniado told reporters.
The drug shipment was found on board the boat after it ran aground on Tiger Island, some 160 km (99 mi.) north of the Panamanian capital, after being pursued by two Senan patrol boats, Laniado said.
The packets of cocaine were stamped with assorted logos, including that of Audi, the luxury and sports vehicle manufacturer.
The San Antonio anti-drug operation is still under way as authorities search for the crewmembers of the boat transporting the drug, officials said.