1. Cook bacon in large pot or Dutch oven over medium heat until crisp. Remove with slotted spoon to paper towels to drain. Add onion and cook until tender about 5 minutes. Add clam juice, potatoes, water thyme and saffron. bring to a boil, reduce heat, cover and simmer until potatoes are tender about 12 minutes.
2. Add cod loins and shrimp. Cover and cook until cod and shrimp are opaque, about 10 minutes. Add heavy cream, salt and freshly ground pepper to taste, heat through, do not boil. Just before serving, add reserved bacon and chopped parsley.