The most anticipated maritime law decision in recent years has been the decision in June 2008 by the U.S. Supreme Court that reduced the award of punitive damages against Exxon from $2.5 billion to $500 million. After nearly 20 years of litigation against Exxon and the captain of its vessel, the case is finally at an end. For those who practice maritime law or are guided and affected by it, the most obvious ramifications of the Court’s decision are that punitive damages may be awarded against a shipowner…