Anytime.
The other three islands are Limestone Shelf Island (WSW of Pirate Nest), Mordo Island (NW of Obel) and Mountain Mass Island (N of Razril).
EDIT:
I finally got Snowe's Armor. It seems to have the lowest drop rate of any rare items you can trawl for. Took me about 25 tries (8-10 minutes for each try). The good news is you can leave the boat anchored in sailing mode and it still catches stuff. So I did other things while it was running.
In addition I've got almost every piece of furniture for Percola's decorating room through trawling. There are a few you have to get through the mouse catching game (a broken little mini-game if there ever was one) or Tops.
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