Have you used Pan to chew through the rope and drop the crate into the water?
After that I found the easiest option is to use the hawk and jump/glide to the next crate. Repeat quickly enough that the crate doesn't sink.
You need to complete this section from the first balance beam to the end of the sinking crates without falling into the water to unlock another symbol.
Gamerdad of 3
My xbox can blog