Turkish citizens X and Y and English citizen Z decide to buy a ship (M/V Demir) from S on 1st of November 2016. Y puts 30.000 TL, X puts 300.000 TL and Z puts 320.000 TL in order to register and operate the ship under the participated owners entire name. Upon that the participated owners have agreed on the carriage of 100 containers of tomato from Izmir to Hamburg on 10th of November 2016 with the cargo owner X. During that carriage, M/V Demir has crashed to M/V DUNYA on 16th of November 2016 and sank unrecoverably.

What type of participation that X, Y and Z are involved? Can this ship fly the Turkish flag and get benefit from the right of cabotage? Briefly explain your groundings.