Saute green bell pepper, onions, and garlic until tender. Stir in vegetable juice, clam juice, and water. Season with thyme, basil, red pepper, bay leaf, and salt. Bring to a boil, and stir in rice. Reduce heat, and cover. Simmer 15 minutes, until rice is tender.
Stir in shrimp, and cook 5 minutes, or until shrimp are opaque.