The Queen IV is owned and operated by the Donald E. and Elizabeth A. Kilpela family who now operate the ferry and all the business operations associated with the Isle Royale Line. Inc. (formerly known as the Isle Royale Ferry Service, the private corporation that owns the service. The corporation is a contracted concessionaire of the U.S. National Park Service).
The Queen IV is the third ferry the family has operated on the Lake Superior run since 1971. The ferry began operations on the run in 2005 after being purchased by the family in Port Canaveral, Florida, in 2004. The ferry was built in 1980 in Louisiana, but operated for many years as a tour boat named the John Jay in New York's lower harbor.
In late July 2015, the vessel ran aground, and the Ranger III was called upon to bring the Isle Royale Queen IVs passenger back to the mainland.