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Begin by briefly blanching the beef shank in boiling water to clean the surface. Remove them from the water, let them cool, and then cut them into 1.5-inch pieces. Note that larger cuts will require more time to braise.
Combine the ingredients for the marinade with the beef and marinate at room temperature for 4 hours or refrigerate overnight.
Heat a large 10-quart pot over medium-low heat. Add anatto oil and sauté the minced garlic and shallot until fragrant. Stir in the tomato paste and cook for an additional 2 minutes.
Add the marinated beef shank, turn the heat on high, and cook for an additional 5 minutes, stirring occasionally to coat all surfaces with the tomato mixture.
Pour in the coconut water and bring to a simmer.
Once it reaches a simmer, add the aromatics and let it simmer on low heat for 2 hours.
Remove the aromatics, then add the carrots and potatoes. Continue to simmer for an additional 20 minutes or until the vegetables are fork-tender.
Stir in the cornstarch slurry to thicken the stew and adjust the seasoning with the remaining 2 tablespoons of kosher salt. Add half at a time and adjust to your taste, adding more salt if necessary.