The European Union, International Maritime Organization and government regulators need to step up efforts to introduce carbon levies to enable charterers to bridge the cost gap to low and zero-carbon fuels, Trafigura global head of fuel decarbonisation Rasmus Bach Nielsen says.

Speaking at the Arctic Securities Energy Transition Summit, Bach Nielsen said: "We believe that charterers can pay for the transition but we need to have clear and firm regulations to ensure a level playing field.