The Irish Coast Guard and Naval Service were yesterday evening investigating a sighting of an oil slick near the area where the Honeydew IIsank.
It is the first sighting of a possible location for the doomed vessel which sank with the loss of two crew members.
Ship's captain Ger Bohan and Polish crewman Tomasz Jagla were lost when the vessel sank in huge seas off the coast of Waterford 12 days ago.
The slick was spotted by a trawler crew yesterday morning. According to Dave McMyler, who is in charge of the search operation in Dunmore East, they are not sure if the sighting is connected with the Honeydew II.
"A trawler searching in the Ardmore bay area spotted a slick - we tasked the Coast Guard helicopter to investigate but they could not confirm.
"So the LE Eithne, which was off Carnsore Point, was tasked to go to the area and investigate.
"Also, the Ballycotton lifeboat has headed for the area - they are at present carrying out a line search," he said.
Meanwhile, Naval Service divers will today equip the Irish Lights tender Granuaile at Haulbowline in Cork harbour.
Mr McMyler said divers will arrive above the wreck at the Pere Charlestomorrow and begin dive operations to attempt to recover the bodies of the crew.
Hundreds of Coast Guard personnel and civilian volunteers began combing parts of the Co Waterford and Co Wexford coastlines for any sign of the missing bodies or the two trawlers that sank more than a week ago.
However, organisers had to curtail yesterday's search as gales threatened the safety of volunteers on cliff tops and exposed areas.
The operation was divided into two groups searching coastline stretching for more than 96km for wreckage or bodies from the Pere Charlesand the Honeydew II.
Five men drowned when the Pere Charlesdisappeared two miles off Hook Head in Co Wexford on January 10th, while two more lost their lives just hours later when the Honeydew IIsank nearby, off Minehead, Co Waterford.