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 ships with oil instead of coal, mass-production of automobiles and increasing aviation, all increased demand for oil and thus oil transport. In 1928 the World's largest oil tanker was the , completed that year for Canadian owners by Bremer Vulkan in Germany. With the right connections at the Shipping Board, ships could be bought cheaply, which caused a lot of fraud. This system was too complicated for the oil companies however, so when World War II started, independents owned 39 percent of the world tanker fleet. This was especially because oil companies needed capital to invest in the growing oil