#ferrynews - Manx Ministers are drawing up possible plans to buy the Isle of Man Steam Packet, iomtoday has learned.

The move comes as negotiations continue with the ferry operator over a revised strategic sea services deal - and as the Packet announced a 6.4% increase in some fares from 1 January, 2018.

In July, the Tynwald voted not to accept the Steam Packet offer to government and to opt instead to continue negotiations for a better deal. The Packet’s offer had included a pledge to invest £170m in a new fleet, facilities and fare initiatives.

But it is understood that the Council of Ministers is now seriously contemplating taking the ferry operation into public ownership.

Nationalisation or acquisition of the Steam Packet were outlined in a review of options presented in a government report to Tynwald in November last year.

For more on the development, click here.