Pat the fish dry with paper towels. In a measuring cup, stir together the coconut water, fish sauce, soy sauce, and black pepper. Set the sauce mixture near the stove.
Set a wide clay pot, heavy skillet, or shallow Dutch oven over medium heat. Add the sugar and water. Let the sugar cook without stirring until it melts and turns a deep amber color, about 4 to 5 minutes; gently swirl the pan if needed.
Lower the heat. Carefully pour in the coconut water mixture, standing back because the caramel will bubble vigorously. Stir until any hardened caramel dissolves. Add the oil, shallot, and garlic.
Arrange the fish in a single layer in the sauce. Bring the liquid to a gentle simmer, spooning sauce over the fish. Cover and cook for 7 minutes.
Use a thin spatula to turn the fish carefully. Uncover and simmer for 5 to 7 minutes more, occasionally spooning the sauce over the fish, until the fish flakes easily and reaches 145°F (63°C) in the thickest piece. The sauce should be glossy and lightly thickened.
Scatter with scallions and optional chile. Serve hot with cooked jasmine rice and spoon the caramelized sauce over each portion.