IRAN's Islamic Republic of Iran Shipping Lines (IRISL) has announced that the last of five cargo ships seized following sanctions against Iran has been released, reports Reuters.

IRISL's vessels were impounded at ports around the world late last year after European banks called in loans to the company. Reported the Iranian Fars news agency. "The last ship of five IRISL containerships which were seized several months ago has been releases on Thursday," said IRISL chairman Mohammad Hossein Dajmar.

Three ships held in Singapore were released in January and the fourth, seized in Hong Kong, was released in February. The last vessel was held in Malta. Mr Dajmar said the ships will resume normal commercial activities.

Sanctions were tightened last year to make it more difficult for Iranian companies to access banks, a measure aimed at forcing Tehran to curb its nuclear ambitions.