Preheat oven to 325 degrees F (165 degrees C). Grease and flour a round tube pan or two loaf pans.

Bring water, raisins, molasses, sugar, and shortening to a boil in a saucepan; reduce heat to low and simmer until raisins are plump, about 5 minutes. Allow to cool.

Whisk flour, baking soda, and cinnamon together in a bowl. Stir flour mixture into raisin mixture until well combined; pour into prepared baking pan.

Bake in the preheated oven until a toothpick inserted near the center comes out clean, about 1 hour.