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.
MHK questions public sector worker overpayments
How many public sector workers have been overpaid - and then subject to stress and emotional harm?
Your chance to become weather forecaster!
Could you help forecast the Island's weather?
Company sets up TT hub
A new TT merchandise shop is going to replace a former nightclub in Douglas.
Are gas supplies being cut off illegally?
Questions about vulnerable customers having their gas cut off will be raised in the House of Keys next week.
TT footbridge construction to close road
Part of the TT course will shut tomorrow while a footbridge is installed.
Police name biker who died in Ballamodha crash
Police say a motorcyclist has died after a crash earlier this week.
Peel cars return home
There's a chance to see two of the world's smallest production cars, which have returned home this weekend.
Benefits claimant abused staff
A man frustrated over his benefits claim subjected government staff to a barrage of abuse.
