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.
Power station chimney flue arrives this week
Flue season will officially arrive in Peel this week.
Peel sewage works hits milestone
A major milestone has been reached in Peel as a new sewage system gets up and running.
MHK to query gas buying for power generation
How much gas has the Island bought for winter power?
Yoga studio applies for sign permission
A yoga studio in Douglas has applied for retrospective planning permission for signs outside the building.
Yacht club worries over lifeboat retirement
A yacht club based in the south of the Island says it has reservations about Port St Mary losing one of its lifeboats.
One nuisance cyclist ticketed in more than three years
Douglas Council says it's had 13 complaints about cyclists in almost four years.
New ministerial post created by chief minister
The Isle of Man has a new ministerial job - and a minister to go with it.
Huge floating book fair to arrive in Douglas next month
The world's largest floating bookshop will be in Douglas for almost a fortnight next month.
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