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.
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.
Stay safe for Hop Tu Naa tonight
Police are asking trick or treaters to make sure they can be seen tonight.
Special Olympics fundraiser needs you
A organisation for athletes with learning disabilities has raised more than £17,000 to compete at a global competition in Chile next year.
Peel ready for bonfire and fireworks later
Peel kicks off the Island's bonfire night fun tonight with its fireworks display.
Government: "UK never told us about child murderer"
The government says it'll write to the UK demanding to know how a convicted child murderer ended up living on the Isle of Man.
Farm shop's newest worker needs your name suggestions
A farm shop in Glen Helen is asking you to name its newest member of staff.
Bus Vannin gives update on staffing problems and routes affected today
Bus Vannin has revealed more details about buses which may not run today.
Toilets vandalised for fourth time in a month
Commissioners in the west of the Island are appealing for help catching those who vandalised toilets this week.
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