Ingredients

1/4 cup extra-virgin olive oil

2 pounds large shrimp, peeled, shells reserved, and deveined

6 sprigs thyme

1 cup dry white wine

16 ounces clam juice

2 cups water

1/2 stick unsalted butter

2 large leeks (white and pale green parts only), thinly sliced crosswise (about 2 1/2 cups) and washed well

1 large fennel bulb, thinly sliced (about 3 1/3 cups), fronds reserved for garnish

1 teaspoon whole fennel seeds, finely ground

Coarse salt and freshly ground pepper

1 cup heavy cream

1/2 lemon

Preparation

Heat oil in a large pot over medium-high heat. Add shrimp shells and cook, stirring occasionally, until well browned, about 10 minutes. Add thyme sprigs and cook 1 minute. Add wine, scraping up browned bits with a wooden spoon. Add clam juice and water and simmer 15 minutes. Pour broth through a fine sieve into a bowl, pressing on solids; discard solids.

Melt butter in pot over medium-high heat and add leeks, fennel, and fennel seeds. Add 1/2 teaspoon salt; cook, stirring, until vegetables just start to brown, about 10 minutes. Add shrimp broth and cream; cook until warmed through.

Stir in shrimp and cook until just cooked through, about 2 minutes. Season with salt, pepper, and a squeeze of lemon juice. Divide stew among 6 shallow bowls and garnish with fennel fronds.