The Chief Minister says buying the Steam Packet Company is a "once in a generation opportunity".
Subject to approval by Tynwald, the government will buy the company in a deal worth £124 million.
Mr Quayle says the buyout will mean Isle of Man can guarantee a safe and reliable ferry service.
The suggestion will be put before Tynwald on Tuesday, May 15 for members to discuss.
Suspected chemical munition means Derbyhaven remains closed
Experts from the UK will assess a chemical incident at Ronaldsway airport today.
Roads closed and bus routes changed for Parish Walk today
One of the Island's biggest annual sporting events is underway today.
Minister defends admission prices to MNH attractions
Enterprise Minister Tim Johnston says the cost of getting into the Island's historic sites is up to Manx National Heritage.
Thie Clag cafe up for rent
Could you run a business in the former Nurse's Home on Westmoreland Road?
Minimum wage changes on the way?
The government says it's planning changes to the way the minimum wage is calculated from next year.
Gas prices to rise by 5.3 per cent from July
Gas prices are due to rise by more than five per cent in less than a fortnight's time.
MP says UK is behind 'progressive' Isle of Man on assisted dying
A leading UK MP has admitted the country is behind progressive nations like the Isle of Man when it comes to assisted dying.
Candi the Ramsey cat crosses rainbow bridge
One of Ramsey's best-known four-legged residents is being mourned after she was run over.
