Cover the cod with cold water and bring to a boil over medium-high heat.
As soon as it starts boiling, drain the water and repeat the process 3 more times, making sure to add a teaspoon of sugar in the last water. Drain and reserve.
In a large skillet, heat the oil, add onions, garlic, bell pepper, oregano, bay leaf, tomatoes, teaspoon of sugar and pepper. Stir with a wooden spoon and cook for about 5 minutes. Check the saltiness, as you many NOT need to add extra salt.
Add cod, tomato sauce, vegetable broth, olives, potatoes and carrots.
Cover and let cook over medium heat, until potatoes and carrots are tender and the sauce thickens (about 15 minutes).
Remove from heat. Enjoy as-is or serve with the rice of your choice.