Preheat oven to 375 degrees F (190 degrees C). Grease 2 9x5-inch loaf pans.
Mix coconut sugar and coconut oil together in a bowl; beat in eggs and coconut extract. Sift coconut flour, shredded coconut, salt, baking powder, and baking soda together in a bowl. Stir flour mixture into egg mixture alternately with coconut milk. Add coconut water; stir until soft and pasty.
Bake in preheated oven for 15 minutes; cover with aluminum foil. Continue baking until a toothpick inserted into the center comes out clean, about 35 minutes more. Cool in the pans for 15 minutes before removing to cool completely on a wire rack.
