Ten Chinese nationals have been charged with drug smuggling in Australia after officials said they found a stash of cocaine worth more than $60m on their ship.

Last week, the Australian defence force intercepted the 50m former research vessel off the coast of Tasmania and escorted the boat to Hobart.

During a subsequent search, police found 186kg of cocaine on board, the Department of Immigration and Border Protection said.

The 10 crew members, all men aged between 23 and 50, were charged with attempting to import a commercial quantity of a border controlled drug. If convicted, they could face a maximum penalty of life in prison.

The boat was first detected in international waters off Western Australia and was tracked south where suspicions were raised as it started circling.

Border force personnel boarded the boat, which was subsequently escorted by the navy’s HMAS Adelaide into Hobart.

“The investigation into the origin and destination of the drugs is continuing, however it is unlikely that [an alleged] criminal venture of this nature would target the small Tasmanian market,” the Tasmania police assistant commissioner, Glenn Frame, said.

The men remain in custody after a series of brief court appearances and are due to face a magistrate again on 13 January.

• Associated Press and Australian Associated Press contributed to this report