What lights are exhibited by an inconspicuous, partly submerged vessel or object being towed?

The correct answer is that an inconspicuous, partly submerged vessel or object being towed exhibits one all-round white light at or near the forward end and one at or near the after end. This arrangement serves to indicate the presence of the tow to other vessels, ensuring safe navigation and preventing collisions.

The use of all-round white lights is critical because they provide visibility from all directions. Placing one light at the forward end and another at the after end helps to clearly define the length and orientation of the object being towed. This standard is established in the COLREGs to enhance the safety of vessels navigating in proximity to potentially hazardous floating objects, thus informing other mariners of the tow's position and extent.

In contrast, the other options do not accurately reflect the requirements set forth in the regulations for displaying lights on towed objects or vessels. For instance, a single flashing red light, which might indicate a different situation, is not appropriate for such cases. Similarly, two all-round white lights at each end and a single all-round green light do not conform to the specifications for indicating a partly submerged or inconspicuous object being towed. Understanding these specific light configurations is essential for compliance with maritime safety rules.