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.
Wetherspoons opening date confirmed
The Island's new Wetherspoons will be open before TT, according to bosses.
Busy Douglas road to shut again after October work
Roadworks in Douglas will mean traffic restrictions on Victoria Road for the second time in six months.
Castletown Golf Links Hotel sold
A well-known hotel on the Langness peninsula has been sold.
Manx Care hit with data enforcement notice by commissioner
Manx Care's been rapped for dragging its heels under data protection laws.
Castletown restaurant under new management
The team behind the Sound Cafe, Bradda Glen and the Aqua Café at the NSC will be taking over a restaurant in Castletown.
Beware of wildfires in sunny weather!
The Island's Fire and Rescue Service wants you to get outside and enjoy the warmer weather, but to be aware of the risks that can cause wildfires.
Staff training means GP closures
Manx Care say GP practices will close for three afternoons in April.
Commissioner celebrates Peel sewage progress
A Peel commissioner says the way is now clear for the Sunset city to get its own sewage treatment plant, after the final planning details were approved.
