Listened to the conference call. The analysts were really fixated on Brazil and the slowdowns/shutdowns there. Management had a "not the biggest deal" battery of responses, but analysts kept coming back on the issue - I guess not believing management tht next quarter could be bad, but improvement March 2013 on.
For traders, that is too far out - essentially looking at looking out over an earnings/revenue chasm for the next 6 months.
I have yet to listen to the call, but the reason is probably in the last sentence of the SEC filing.
They mention a current and more building oversupply of vessels available. With oil demand getting soft and oil prices, expected by them to decline, TDW states in the last sentence of the SEC report that this can have a very negative effect on the forward pricing for vessels and their services.