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.
Two Manxman crossings called off
Two ferry sailings have been called off in the face of bad weather later this week.
New warning for coastal overtopping at high tide
Ronaldsway Met Office has issued another weather warning for coastal overtopping tonight.
Government wants to re-roof governor's home
The Department of Infrastructure has applied for permission to re-roof the governor's home.
EVF to roll out body cameras to all Island stores
A chain of garages around the Island says all its staff will be wearing body cameras from this week.
Good news for Island's Vinted sellers!
The government's declared victory over Vinted after restoring the platform's mail for Island users.
Ferry sailings under threat this week
The Steam Packet Company says bad weather is threatening sailings later this week.
Mountain Road gritting gets underway
The Department of Infrastructure says it'll be gritting the Mountain Road this afternoon.
Civic Amenity Site issues statement after former manager admits fraud
The Western Civic Amenity Site says it's cooperating with authorities after a criminal case against a former employee.
