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 Air pollution from engine operation and from cargo fires is another serious concern. Large ships are often run on low quality fuel oils, such as bunker oil, which is highly polluting and has been shown to be a health risk. Ship fires may result in the loss of the ship due to lack of specialized firefighting gear and techniques and fires can burn for days. Oil tanker An oil tanker, also known as a petroleum tanker, is a ship designed for the bulk transport of oil or its products. There are two basic types of oil tankers: crude tankers and