Briefly heat the olive oil in a nonstick Dutch oven or soup pot that has a lid. Add the Canadian bacon, onion, and garlic, and cook the mixture, stirring it, for about 1 minute, taking care not to burn the garlic. Add the conch, fennel seeds, and red pepper flakes, and sauté the mixture, for another minute.
Add the water, broth (or clam juice and water), and tomato juice, Bring the ingredients to a boil, cover the pot, and simmer the mixture for 20 minutes. Add the tomatoes with their juice, carrots, celery, potatoes, and thyme. Bring the chowder back to a gentle boil, reduce the heat, partially cover the pot, and simmer the chowder for 25 minutes, stirring it several times.
Season the chowder with the ground pepper, and taste the chowder before adding the salt. Remove the pot from the heat, stir in the sherry, and, before serving it, sprinkle the chowder with the parsley.