Take the monopoly away from the IOMSPco for a start!
And replace it with what?
The Isle Of Man Steam Packet Company have reliably and faithfully provided the lifeline service to Mann for 185 Years. The User Agreement has Guaranteed Fleet and Infrastructure Investment, Limited Standard Fare Increases, Guaranteed Service Levels, Guaranteed Capacity Increases & Guaranteed Special Offer Fares (300000 Offer Seats Required by DoI, 900000 Provided by IoMSPCo).
Allowing an open seas policy and competition would be a massive step backwards for Mannin. Two, or more, operators with no UA would only operate profitable services, sailings to Ireland (nothern & Republic) would be massively reduced, or perhaps entirely cut, and there would be no fare regulation. Vessel acquisitions would be low quality depreciated tonnage, or charters.
The best way forward for the country, economy and people, is to renew the IoMSPCo User Agreement. Take it to 2041, and allow the Steam Packet Company to plan their future with certainty. A new User Agreement would allow the IoMSPCo to invest in a new Ben-My-Chree, planning for which is already at an advanced stage. A larger, faster Ben, with the present Ben retained as an all weather back-up, re-fit cover and TT/FoM Vessel, much like the Arrow/Lady Of Mann roles.
The Steam Packet can only provide new vessels and invest if they have the certainty of a long term future.