A cut in ferry fares could be put in place if a new government plan is agreed by the Isle of Man Parliament later this month.

The deal would see passenger fares frozen until a new vessel replaces the current Ben-my-Chree ferry.

It would also see more special offers being made available throughout the year and children under 16 and full-time students travelling at half price.

In addition to an extra weekly ferry to Liverpool during the winter and summer seasons.

The new Sea Services Agreement was created after the Isle of Man government bought the island's ferry company last year.

The agreement will be a formal contract between the Isle of Man Steam Packet Company (IOMSPCo) and the Department of Infrastructure (DoI).

The change in ownership of the Steam Packet has created a new opportunity for the future provision of services, and the needs of passengers have been placed at the forefront of discussion while the new terms were drafted."

Ray Harmer MHK, Infrastructure Minister

I firmly believe the new Sea Services Agreement will deliver significant value in the years to come and stabilise the long-term future of sea services for the island and its people."

Mark Woodward, IOMSPCo Chief Executive

The new agreement is due to be debated later this month and is set to come into effect on 1st January 2020, if agreed.