A multi-scale global hindcast of ocean waves is presented that covers the years 1994-2012, based on recently published parameterizations for wind sea and swell dissipation [Ardhuin, F., Rogers, E., Babanin, A., Filipot, J.-F., Magne, R., Roland, A., van der Westhuysen, A., Queffeulou, P., Lefevre, J.-M., Aouf, L., Collard, F., 2010. Semi-empirical dissipation source functions for wind-wave models: Part I. Definition, calibration and validation. J. Phys. Oceanogr. 40 (9), 1917-1941]. Results from this hindcast include traditional wave parameters, like the significant wave height and mean periods, and we particularly consider the accuracy of the results for phenomenal sea states, with significant heights above 14 m. Using unbiased winds, there is no evidence of a bias in wave heights even for this very high range. Various spectral moments were also validated, including the surface Stokes drift and mean square slopes that are relevant for wave-current interactions modelling and remote sensing, and also spectra of seismic noise sources. The estimation of these parameters is made more accurate by the new wave growth and dissipation parameterizations. Associated air-sea fluxes of momentum and energy are significantly different from what is obtained with the WAM-Cycle 4 parameterization, with a roughness that is practically a function of wind speed only. That particular output of the model does not appear very realistic and will require future adjustments of the generation and dissipation parameterizations.