Exxon Valdez Exxon Valdez Oriental Nicety, formerly Exxon Valdez, Exxon Mediterranean, SeaRiver Mediterranean, S/R Mediterranean, Mediterranean, and Dong Fang Ocean, was an oil tanker that gained notoriety after running aground in Prince William Sound spilling hundreds of thousands of barrels of crude oil in Alaska. On March 24, 1989, while owned by the former Exxon Shipping Company, and captained by Joseph Hazelwood and First Mate James Kunkel bound for Long Beach, California, the vessel ran aground on the Bligh Reef resulting in the second largest oil spill in United States history. The size of the spill is estimated to have been ,
Oil tanker instrument, Shell consulted the "London Tanker Brokers’ Panel (LTBP)". At first, they divided the groups as "General Purpose" for tankers under ; "Medium Range" for ships between 25,000 and and "Large Range" for the then-enormous ships that were larger than . The ships became larger during the 1970s, which prompted rescaling. The system was developed for tax reasons as the tax authorities wanted evidence that the internal billing records were correct. Before the New York Mercantile Exchange started trading crude oil futures in 1983, it was difficult to determine the exact price of oil, which could change with every contract.