Method-of-Moments (MoM) is coupled with PEEC in order to compute Joule and hystheresis losses in the armor, shields and moisture barriers of a submarine tripolar cable. The large size and complex structure of the linear algebraic system resulting from the problem discretization demands for a suitably tailored solver. We describe a block-Gauß-Seidel preconditioner for Krylov subspace methods that allows for a matrix-free solver implementation, resulting in a dramatic reduction of computation time and memory requirements w.r.t. other brute-force modeling approaches.