Normally almost all of the red part of the hull should be below the water level.
That the ship was drifting so high above the water when it came aground indicates that it had neither cargo nor ballast allowing it to get as close to shore [for safety] as possible. What could be the motive of such a move? Maybe the insurance money was interesting enough.
Update: While being towed to Alang, India for demolition, the MV Benita sank [53 minutes after this article was published] on Saturday 30 July 2016 at 17:30.