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
Oil tanker serious than spills from non-tank vessels. The International Tanker Owners Pollution Federation has tracked 9,351 accidental spills that have occurred since 1974. According to this study, most spills result from routine operations such as loading cargo, discharging cargo, and taking on fuel oil. 91% of the operational oil spills are small, resulting in less than 7 metric tons per spill. On the other hand, spills resulting from accidents like collisions, groundings, hull failures, and explosions are much larger, with 84% of these involving losses of over 700 metric tons. Following the "Exxon Valdez" spill, the United States passed the Oil