Hmm I only saw this in the pub this evening and I am a bit perplexed...
When I saw the first video - taken by a friend of a friend - my first thought is that it's on the Eastern side (the inside), because the island in the distance is clearly Tiran. I was told that the ship had hit the outside - as in the not-usually-dived part.
For background information, the Straits of Tiran are the only navigable path from the North to the Souh of the Red Sea - behind Tiran is another island called Sanafir but the underwater topography makes deep water navigation almost impossible. The four island reefs in Tiran are - from South to North - Gordon, Thomas, Woodhouse and Jackson. Ships travelling north pass between Tiran island and the reefs, and this is called Grafton Passage. Ships travelling south use Enterprise passage between the west of the reefs and the eastern shore of mainland Sinai.
The photo above would appear to confirm my first thought that the ship is travelling north, because the land in the background is for sure the northern part of Sharm. I would also say it is unladen; she's riding high in the water - fully laden, the ship would have broken into the reef, not ridden on top of it. It's also quite rare to see an unladen ship coming South. All traffic is heading to the port of Aqaba in Jordan. There's not much point in going there otherwise.
One reason given for the crash on new year's eve 2009 was this: there are two beacons marking the island reefs in the Straits of Tiran - on Jackson in the north and Gordon a few kilometers to the south - the captain mistakenly took the north beacon to be the south beacon, and then turned too early. one would imagine that ships of this size have supercomputer GPS-based automatic navigation systems on board, but I know for a fact that a lot of them don't! Conditions look to have been pants today, but it is entirely possible that the crash is due to human misinterpretation of local navigation.
I am not on the boats at all these days but I do have a very intimate knowledge of the reefs in Tiran - any photos you can post are more than welcome.
Cheers
C.