Forming a committee to assess the feasibility of nationalising the Steam Packet would have no benefit at this stage.
That's according to Infrastructure Minister Phil Gawne, who was among the 25 MHKs who voted against the move on Wednesday.
A Tynwald select committee was suggested amid concerns the Steam Packet may axe jobs and reduce passenger services as it competes with a rival freight service started by Mezeron.
Mr Gawne says the options for putting the Steam Packet Company into public ownership are unfeasible and he's holding ongoing talks with officials from both firms:
Court orders return of property seized by police
Number of bus services cancelled or at risk today
Court to order election recount
Charity to connect elderly people with services at event