Steamed corned beef is a classic Bahamian dish also known as 'Fire Engine'. Traditionally served with grits for breakfast or with white rice for lunch or dinner. Steam is a Bahamian term for anything fried down and simmered in a tomato base (bologna, pork chops or chicken can also be served this way).
Heat the oil in a skillet over medium heat. Add onion, green pepper, red pepper flakes and dried thyme; cook and stir until the onion is beginning to brown, about 7 minutes. Reduce the heat to low and stir in the tomato paste and season with salt and pepper. Simmer for 3 minutes then stir in the water. Mix in the corned beef and then let it simmer until most of the liquid has evaporated.