Japanese manager Mizuho Sangyo says reports of crew being involved in drug smuggling in Turkey are incorrect.
Police and coast guards found 25 kg of the drug in a box attached to the hull of the 177,000-dwt Frontier Falcon (built 2011) in Canakkale on Saturday.
Police detained seven people, including the master and chief officer, after the vessel arrived from Colombia, Hurriyet Daily News reported.
Divers had found the box after checks below the waterline near the stern.
Crew innocent
A Mizuho Sangyo spokesman told TradeWinds that an "official statement", which was cited by Turkish media, that claimed crew members were trying to recover the drugs was incorrect.
He added: "The crew did not know about the drugs. Look at the position of the box. How could they know?"
The crew are helping police with their inquiries, he said.
Officials said the market price of the cocaine is around TRY 50m ($6.8m).
The incident is the latest in a spate of raids involving dry cargoships.
Belgian police seized cocaine on a bulker in an incident that brought together two new methods of smuggling seen last month.
Police raided the 61,300-dwt Ultra Daniela (built 2015) at the port of Ghent, finding about 37 kg of drugs hidden in a black bag in its coal cargo when one of the holds was emptied.
In the same week, a similar raid was carried out on the 37,000-dwt bulker ES Jupiter (built 2014) in Mexico.
And the discovery of traffickers kitted out as port officials in the Ultra Daniela incident is the same method used by two smugglers found inside a container along with cocaine on Maersk's 9,640-teu Svendborg Maersk (built 1998) in Mexico.
