Exxon Valdez punitive damages to the Supreme Court which capped the damages to US $507.5 million in June, 2008. On August 27, 2008, Exxon Mobil agreed to pay 75% of the US $507.5 million damages ruling to settle the 1989 "Exxon Valdez" oil spill off Alaska. In June 2009, a federal ruling ordered Exxon to pay an additional US$480 million in interest on their delayed punitive damage awards. After repairs, "Exxon Valdez" was renamed "Exxon Mediterranean", then "SeaRiver Mediterranean" in the early 1990s, when Exxon transferred their shipping business to a new subsidiary company, River Maritime Inc. The name was later shortened
History of the oil tanker of the U.S. This schooner was fitted out as an oil tanker in 1906, and sunk in a storm off Isles of Scilly in Dec. 1907. The 1880s also saw the beginnings of the Asian oil trade. The oil industry in Azerbaijan was the largest producer in the world at that time, but was limited to the Russian market. John D. Rockefellers Standard Oil dominated the world market. The idea that led to moving Russian oil to the Far East via the Suez Canal was the brainchild of two men: importer Marcus Samuel and shipowner/broker Fred Lane — the London