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 the English Channel. "Seawise Giant" was renamed "Happy Giant" in 1989, "Jahre Viking" in 1991. From 1979 to 2004 she was owned by Loki Stream, at which point she was bought by First Olsen Tankers, renamed "Knock Nevis" and converted into a permanently moored storage tanker. The Batillus class supertankers are the biggest ships ever constructed by gross tonnage. Although the tanker fleet increased around 12 percent annually around 1970, a shortage on tonnage remained. In 1973 this resulted in an enormous increase in new building orders, especially from oil majors that wanted to gain on the quicker deciding independents,