Final answer:
A collision risk exists when there is no appreciable bearing change between vessels, indicating a constant bearing and potentially decreasing range, which can lead to a collision if no corrective action is taken.
Step-by-step explanation:
A risk of collision exists between vessels when there is no appreciable bearing change, meaning that the bearing of one vessel relative to another does not change significantly as they move. In navigational terms, this is often referred to as a constant bearing, decreasing range scenario and is a serious indication that both vessels are on a collision course. Vessel operators are trained to monitor bearing changes with other vessels to assess collision risk and take appropriate action to avoid an incident. The other options presented ("Constant bearing change", "Large vessel approaches", "Distant vessel") do not inherently indicate a risk of collision, whereas no appreciable bearing change directly correlates with an increased chance of collision.