The waters also support the UK's only resident population of killer whales and two feeding and breeding hotspots for baskingsharks, the world's second biggest fish.
The scientists said the project would provide information on the location and behaviour of baskingsharks during the summer, and also track how far into deeper water they go in winter.
The researchers believe their findings could have important implications for the conservation of baskingsharks, which have shown some signs of dramatic decline in the last half century and are listed as threatened by the International Union for Conservation of Nature.
"Before this no one knew if the baskingsharks that visited Manx waters in summer were the same sharks coming back year after year or just sharks that were passing through on global travels - thanks to this MBSW research a picture is starting to emerge, " Mrs Hall added.