Surfactants Monthly – February 2022
It often feels weird writing about surfactants when there are huge other things going on in the world. Then I think, yeah but who wants to hear from me about the affairs of the day. Everyone has their own opinions and the news surrounds us 24/7. I also think that, if the business of surfactants is how you’ve bought (OK still buying) a house and sent (still sending) some kids to college, then that’s a huge thing so.. And I think that, at least folks read this business blog and get something out of it. Some even find the humorous bits funny and one or two enjoy the musical interludes. If I told you what I think about Ukraine, I’m not sure you’d gain anything at all and maybe you’d resent the airspace here being taken up with something that doesn't add to what you get on the telly or your newsfeed. I will say, though, that I have a concern about World War 3. I hear the phrase used at least once a day, these days. Having read and heard enough about WW2, I think 3 would be bad. The technology’s more effective and the people, as a society and individuals seem more fragile. Those people, our parents and grandparents, back in 1939 – 45, they were tough and could put up with a lot. Today, I don't see that so much – in myself and the people I encounter. The technology though. That’s tough, tougher. It gets the job done. Cold. Ruthless. No matter what. Two trends, correlated, different directions. A bit of a concern.
Some lighter fare. Readers enjoyed the Unilever piece last month so I have eagerly tracked the wires for updates on the Trian / Unilever battle and honestly there’s not that much although I think it’s fair to say that the pressure on Uniliever CEO Alan Jope, seems to be building, albeit slowly – and some might say, inexorably. Activist Shareholder, Nelson Peltz has been quiet since last month – actually have you noticed how some people manage to get a prefix permanently attached to their names? When did Nelson transition from just plain old Nelson to Activist Shareholder Nelson. When did Neil Young adopt the prefix Aging rocker or more recently, Sanctimonious Aging Rocker..Anyway, A.S. Nelson has been quiet but other shareholders of Unilever have not.
From the Financial Times of February 6th: Bert Flossbach, [by the way, was there ever a name that screamed out for the prefix Old Money?] founder and chief investment officer at Flossbach von Storch [yep], an €80bn Cologne-based asset manager and a top-10 shareholder, said the FTSE 100 consumer group should consider overhauling its structure, which consists of three divisions for beauty, food and household products. “Unilever should seriously think about splitting the company,” he said. “Talk of synergies between different businesses is usually theoretical and designed to keep the status quo, and smaller than the efficiency gains that you would get from a split.” [ouch! Old Money Flossbach makes a point though]. “If you’re a food manager, you’re thinking differently from a household products manager or a beauty manager,” he added. “If you run these businesses under one structure capital allocation can become a problem. And you’re very diverse in a negative sense because you don’t know precisely what you stand for.” Flossbach said one option could be to keep the food business under the Unilever name and spin off other divisions. “You increase efficiency and enhance the spirit of a company when it has a clearer mission. Cost-cutting is not enough on its own.” He added: “The best defence against any kind of hostility is a high enough stock price.”
Another top-20 shareholder [not named by the FT] called for the removal of the Unilever’s chair, Nils Andersen, reflecting concerns that he and the board allowed chief executive Alan Jope to make increasing bids for the GSK division, a potential deal whose size and timing blindsided investors and provoked a backlash. The top-20 shareholder said a new chair should be appointed from outside the board. He added that a replacement for Andersen could then evaluate both Unilever’s strategy and whether Jope and its chief financial officer Graeme Pitkethly were appropriate for their positions [ouch again, right?].
Interesting developments, I think you’ll agree, but I know you, my dear readers. You’re looking for something more. Some other, perhaps orthogonal, information that will keep you thinking and musing the rest of the day. Well, we deliver that here at the blog. For the really interesting stuff, we have to go to another British newspaper with a slightly wider appeal than the FT, although still a serious paper, and that is the Evening Standard. In a February 11th article beautifully headlined “ Who is Nelson Peltz? The Wall Street billionaire stalking Marmite maker Unilever” [see how they use a prefix for Unilever there. Not sure how complimentary that is. You know Marmite. You either love it or hate it.] the paper goes on to note that “….Nelson Peltz is used to interesting meetings. Still, the first sit-down with his daughter’s soon-to-be in-laws must have stood out. [Former Spice Girl] Victoria and [Footballer] David Beckham flew out to meet the Peltzes at their 44,000sq-ft Floridian mansion over Christmas. The house will soon host Nicola Peltz’s wedding to Brooklyn Beckham. Of course, the rendezvous took place on the elder Peltz’s territory: the 79-year-old founder of Trian Fund Management is used to getting his way.”
The paper then goes into all the business stuff that we covered above and in last month’s blog. So for a complete detailed exposition of the family angle to this story, we have to go to, where else, to the Inimitable UK Paper The Daily Mail. I encourage you to read the whole article here (published on January 19th) for a master-class on prurient interest journalism served up with a comprehensive raft of detail and diligently sourced visual documentation (i.e. lots of photos). The headline itself says so much and can you spot the 2 prefixes without the suffixes? “Brooklyn's marrying up! Billionaire Trump-loving future father-in-law and his model wife put David and Victoria in the shade - boasting a multi-million dollar property empire, several private jets and ten children between them” Again the whole article is well worth reading for those that are interested in such things. However, I will provide here the Daily Mail’s own 5 bullet point summary of the story. :
- Brooklyn Beckham will be marrying into a family whose net worth dwarves his own parents' £769million fortune, with Nicola's businessman father Nelson Peltz, 79, estimated to be worth £1.3 billion
- The father-of-ten was born to a Jewish family in Brooklyn, and dropped out of the University of Pennsylvania's Wharton School - later attended by Trump - in 1962 to become a ski instructor, but instead ended up being a delivery truck driver
- Nelson, a former top Trump supporter, shares eight of his ten children with his third model wife of 35 years Claudia Heffner Peltz, and the pair count a 27-bedroom mansion complete with ice hockey rink and a flock of albino peacocks, as well as a £76million, 44,000sq ft home in Palm Beach - the reported wedding venue - as their homes
- Despite being born into wealth, Nicola's siblings have also carved out their own successful careers, with her brother Brad, 32, an ice hockey player, and Will, 35, an American actor, and sister a former figure skater
- Nelson used to commute to work from Bedford to downtown New York in a helicopter until he lost a legal battle with his neighbours about the noise
So, my finely honed business instincts tell me (plus I really, really hope) that this family angle will continue in some way to play a role in A. S. Nelson’s pursuit of Marmite Maker Unilever. Let’s see. If nothing else, Unilever might think they have Peltz problems but they should consider what it would be like as a young couple to have Nelson Peltz as your father-in-law and Victoria Beckham as mother-in-law. Puts your problems in perspective now, doesn't it? Although, hmm.. maybe they kinda already do.
On to Surfactants News: This month, as always, most of what you read here is provided courtesy of my partners, the great ICIS, with whom I also co-produce the World Surfactants Conference… so..
As things are so volatile today for the obvious reasons, I am starting at the end of February (& early March) and working backwards for the news. If the early February news seems irrelevant or largely superseded, I’ll just skip it.
On March 2nd, the talented and prolific Lucas Hall of ICIS reported in depth on the supply chain situation for US fatty alcohols and fatty acids: US fatty acids and alcohols markets face major upward pressure from higher feedstock costs against the backdrop of supply chain concerns globally.
- US contract survey fatty acid prices held steady pending feedback
- US Q2 fatty alcohols contracts face upward pressure amid bullish feedstock costs
- Prices face upward pressure on bullish costs pressures, supply concerns
- Feedstock prices bullish amid supply chain disruptions globally
Fatty Acids
US contract survey prices were held steady pending further feedback.
March tallow-based acids face upward pressure from higher average bleachable fancy tallow (BFT) costs in February. March C16 palmitic acid costs face upward pressure from higher feedstock costs across the oil palm complex against the backdrop of balanced supply and demand rationalization/destruction in the market. February tall oil fatty acid (TOFA) prices face upward pressure from higher feedstock costs, tight supply and strong demand. Multiple chains of US fatty acids are tight, including C8, C10, C8-10, C14, tallow based C18-oleic and stearic acids, and TOFA. Tallow-based stearic acid markets are tight following the fire at the packaging facility at PMC Biogenix's US Memphis, Tennessee, site. The fire has put increased demand on tollers and imports to make up for the shortfalls as PMC Biogenix makes repairs in the short-to-medium term.
TOFA markets are tight alongside tight supply of competitive tallow-based C18 oleic markets in the domestic market.
Fatty Alcohols
US Q2 fatty alcohols contracts face upward pressure from higher feedstock costs across the oil palm complex against the backdrop of supply chain concerns globally.
Discussions for Q2 contracts have been heard at a sharp premium from Q1, tracking the above pressures. Multiple chains of US fatty alcohols are tight, including C8, C10, C8-10, C16-18 blends and C18, depending on the supplier. Mid-cut alcohol supply has been ample to meet demand following supply chain disruptions in the latter-half of 2021 that prompted some players to increase their volumes for Q1. While some players have carryover volumes heading into Q2, increased uncertainty given increased geopolitical uncertainty is prompting some players to hedge alongside major upward pressure in upstream feedstock markets.
Feedstocks
Feedstock costs are bullish. A major disruption in Ukrainian sunflower supply to Europe with the Russia-Ukraine conflict has put major upward pressure on global palm, soybean and canola markets in recent days. Palm markets have been under upward pressure in recent weeks because of new export curbs being implemented in Indonesia to help curb local cooking oil prices. Coconut oil (CNO) is trading at a discount to palm kernel oil (PKO), encouraging more CNO in the feed-slate. CNO produces about the same amount of C12-C14 and C16 alcohols, but significantly less C18, pushing C18 production tighter.
Supply Concerns
Imports also face further disruptions with the increased crackdown from the US Customs and Border Patrol on Malaysian imports from Sime Darby Plantation Berhad. Reports of imports being detained have been heard but not confirmed. Feedstock cost pressures are squeezing production margins in southeast Asia, posing further potential import disruptions in the near-to-medium term.
Finally, vessel space may be further constrained with increased demand for energy imports in Europe given the disruptions to supply from Russia. While some importers use carriers that only handle vegetable oils and oleochemical products, increased vessel demand may nonetheless put further upward pressure on freight rates.
Meanwhile in Europe, fatty acids and fatty alcohols second-quarter contract discussions are ongoing, while shortages continue to plague the market. In the fatty acids market, tallow-based negotiations are off to a slow start as players were waiting for producers to announce available volumes. Initial talks have now begun with early settlements heard for stearic acid. Palm-based discussions have been ongoing for several weeks and while some market participants were waiting to check tallow prices, most palm fatty acids players are now negotiating final volumes. Availability has been limited since 2021 due to vessel delays and high freight costs from Asia. Most players do not see these logistical issues easing before the second quarter of 2022.
Fatty acids and fatty alcohols market participants are keeping a close eye on the Russia-Ukraine conflict as this is already driving up crude oil and vegetable oil prices. Any impact on the fatty acids and alcohols markets are as of yet unknown. In the fatty alcohols market, second-quarter discussions are in very early stages, with no settlements taking place this week. There have been a lot of enquiries about available volumes for the second quarter, though most negotiations have not progressed to discussing prices yet. Supply constraints continue to be a concern, with at least one producer already sold out of material for the second quarter. Some players are focusing on captive use instead of selling on the market due to very high demand for downstream alcohol ethoxylates and other surfactants. Tightness in the fatty alcohols market is also caused by vessel delays and high freight costs from Asia. The majority of both fatty acids and fatty alcohols second quarter settlements will have taken place by the end of March or early April.
Also in Asia, Fatty Alcohols follow the same trajectory as reported by ICIS’ Helen Yan: Asia's fatty alcohols offers continue to increase on the back of rising cost of upstream palm oil and supply disruption due to Indonesia’s export restrictions.
- Upstream markets surging amid heightened Russia-Ukraine tensions
- Shipments delayed, limited spot availability in Indonesia
- Market impact of Indonesia export curbs likely short term
Spot offers for mid-cuts C12-14 fatty alcohols climbed this week to $3,050-3,200/tonne FOB (free on board) SE (southeast) Asia, market sources said. On 16 February, spot C12-14 prices were assessed at an average of $2,835/tonne FOB SE Asia, up $20/tonne from the previous week, ICIS data showed.
“It is a crazy market now with the escalating Russia-Ukraine tensions impacting the crude and palm oil markets,” a regional producer said. Brent crude oil breached $99/bbl on 22 February and palm oil spot prices spiked to more than Malaysian ringgit (M$) 6,000/tonne ($1,432/tonne), he said. But we may see some calm in the market if there is a US-Iran nuclear deal,” the producer added. Supply of fatty alcohols has tightened as regional major Indonesia has introduced a domestic market obligation (DMO) policy for its producers, thereby curbing exports of palm oil derivatives, market sources said.
“We cannot guarantee any shipment due to the DMO policy. China customers are looking for more cargo[es] and are willing to pay to ensure supply security for April shipments,” the producer said. Indonesian companies must now show proof of their domestic sales of crude palm oil (CPO) and/or refined, bleached and deodorised palm olein in accordance with the DMO requirements to secure export approvals for palm oil products. The DMO policy was implemented in late January, under which CPO exporters must allocate 20% of their shipments to the local market, to rein in soaring domestic cooking oil prices in Indonesia. Cooking oil prices in Indonesia have surged recently due to rising demand ahead of the Muslim Eid-ul-Fitr holidays - which mark the end of the Muslim fasting month of Ramadan - in early May, market sources said.
The DMO policy was subsequently extended to include palm oil derivatives. From 15 February, Indonesian suppliers have to apply for export permits under the new rules.
“Around 1.3m tonnes of fatty alcohols in Indonesia will be impacted by the DMO policy and this will put upward pressure on prices,” a second regional producer said.
A third supplier said: “If the DMO policy lasts more than four weeks it will be very challenging for the market indeed as the disruption in supply will be more severe.”
A major buyer, however, said: “DMO seems to have passed over a little bit as we don’t see any issues with the supplier shipments, and they seem to have got export parcels.”
Demand for fatty alcohols is usually stable, with their main use in the production of detergents and surfactants. They are also components of cosmetics, foods, and industrial solvents.
Right at the back end of the supply chain, some not great news for users of palm oil and its derivatives (including many surfactants) from Jim Fry of LMC as published in Indonesia’s Palm Oil Today magazine: The global supply of palm oil will see only "minimal growth" in the 2019-2022 period, due to production issues caused by unfavourable weather and labour disruption in Malaysia, said Jim. "It will take another 12 months before Southeast Asian palm oil output is running ahead of its level at the end of 2019," Fry said, despite improved output expected out of Indonesia in the second half of next year. "In other words, I anticipate three full years with no growth," he told a virtual conference recently.
In LAB markets, ICIS also reports bullish sentiment: Linear AlkylBenzene markets in Asia and India remain firm amid elevated upstream costs. Participants general expected further strength in the market from cost push with offers for March cargoes expected firmer.
- Elevated costs to bolster LAB
- Availability snug from regional maintenance
- Buyers stock up in anticipation of further upside
In southeast Asia, sellers targeted March cargoes at $1,800/tonne CFR (cost & freight) SE (southeast) Asia and above amid eroded margins. Buyers were heard lobbying for parcels in the mid-to-high $1,700s/tonne CFR SE Asia. “Upstream costs have increased sharply in recent weeks and margins of LAB are squeezed,” said a producer in Asia. The Chinese market has also revived in earnest as downstream plants ramped up output after the Winter Olympics. Demand for LAB in the local Chinese market was said likely to fully return in March and digest the current length in the market. Meanwhile, scheduled maintenance across Asia, India and the Middle East in the quarter continue to stoke concerns that availability might be curtailed just as demand emerges.
In the area of sustainable surfactants, ethylene oxide based on corn-derived ethanol is of continuing and increased interest. An excellent article by the insightful Al Greenwood of ICIS looks into this area. The whole article is worth a deep read, but here’s a few highlights.
ICIS ran a cost analysis that compared Asian naphtha-based ethylene with Asian ethanol-based ethylene. The ethanol route proved costlier, even when ethanol prices were below those for ethylene. The following chart shows the comparison.
Another indication of the costs involved with ethanol dehydration is the decisions taken by chemical companies. In the US, during the advent of shale gas, petrochemical companies built new ethane crackers. They did not build any ethanol dehydration units to take advantage of the nation's bounty of corn-based ethanol.
However, demand for sustainability - and not strictly plastics and chemicals - is what is driving demand for ethanol's use as a chemical intermediate. In November, Braskem said that global demand for its renewable PE is well above its current production capacity. Renewable PE is attractive because it can act as a carbon sink. Plants combine atmospheric CO2 and water to produce the sugar that microbes ferment to produce ethanol. Fermenting sugars emits CO2, although this can be used as a product or chemical feedstock. Synthetic biology company LanzaTech ( a speaker at one of my recent conferences) addresses the CO2 emissions by gasifying biomass and other wastes. Its bacteria can ferment the resulting carbon monoxide (CO), hydrogen and CO2 and convert the gases into ethanol. Two commercial-scale plants in China are already using LanzaTech's technology and more should start up later this year.
Given the interest in sustainability, companies are evaluating new ethanol-to-chemical projects. Clariant and India Glycols created a joint venture to produce surfactants made from ethanol-based ethylene oxide (EO). And of course there is the well documented move to Croda into Bio EO at their DE ethoxylation plant. There are many other areas, including aviation fuel where ethanol can be used and this has knock-on effects for chemicals. More news to come in this area for sure.
If you’re a buyer, or seller, of surfactants you are familiar with the across the board rise in prices. Here, for illustration is a recent announcement from Indorama as published by ICIS. No surprises. Indorama is seeking price increases of 3-8 cents/lb ($66-176/tonne) on all grades of ethylene oxide (EO) derivative products in March, according to a customer letter. Products listed include ethanolamines, alcohol ethoxylates, surfactant blends and others. US EO production constraints have tightened the availability of downstream products. The global ammonia supply/demand balance is loosening, with prices coming off record highs. US Q2 fatty alcohols contracts face pressure from soaring feedstock and freight costs.
Quarterly earnings time and supply chain disruptions continue to be felt – particularly at by Stepan where Q4 net income fell 44% year on year to $17m. Furthermore, the prior-year Q4 benefited from a one-off $13m insurance recovery related to a plant outage at Millsdale, Illinois in 2020, the company noted.
Three months ended 31 December 2021:
| (in thousand $) | Q4 2021 | Q4 2020 | change |
| Sales | 610,027 | 494,734 | 23% |
| Cost of sales | 526,774 | 385,942 | 36% |
| Gross profit | 83,253 | 108,792 | -23% |
| Operating income | 19,997 | 44,500 | -55% |
| Net income | 16,995 | 30,350 | -44% |
SURFACTANT BUSINESS
Operating income fell to $32.4m, from $43.3m in Q4 2020, primarily due to supply chain disruptions and lower sales volume. Global Surfactant sales volume decreased 9% on lower demand for cleaning products in the consumer products business, partially offset by higher demand for products sold into the institutional cleaning and functional product end markets.
POLYMER BUSINESS
Operating income fell to $12.9m, from $22.8m, primarily due to supply chain disruptions and the non-recurrence of two events that benefited Q4 2020: the Millsdale insurance recovery, and a partial settlement received from the Chinese government as compensation for a government-mandated shutdown of Stepan’s China JV in 2012.
SPECIALTY PRODUCT BUSINESS
Operating income fell to $2.1m, from $5.2m, primarily attributable to order timing differences within Stepan’s food and flavour business and lower volume within the medium chain triglycerides (MCT) product line.
OUTLOOK
"Looking forward, we believe that demand for our products will remain strong but that the company will continue to be challenged by the same external factors that impacted us during 2021,” said CEO Quinn Stepan. Surfactant volumes within the institutional cleaning, agricultural and oilfield markets are expected to grow, and “we also remain cautiously optimistic” that consumer consumption of cleaning, disinfection and personal wash products will improve slightly in 2022, after significant de-stocking in 2021, the CEO said. The Polymer business is expected to grow as well in 2022 as long-term prospects for rigid polyols remain attractive because of energy conservation efforts and more stringent building codes, he said. In the Specialty Product business, results should improve slightly year on year, the CEO added.
In capacity news: Eastman completed the expansion of two plants in Ghent, Belgium, and Pace, Florida, US, that make tertiary amines, the US-based specialty chemicals producer told ICIS earlier in February. Eastman did not disclose the size of the expansions or their costs. The projects increased capacity at Ghent and improved production flow at Pace, making it the world's largest tertiary amine unit, Eastman said. The projects expanded output of mostly dimethyldodecylamine 1214 (DIMLA 1214).
Demand for tertiary amines had increased because of rising consumer demand that was caused by the coronavirus pandemic, Eastman said. Tertiary amines are used to make surfactants in liquid dish soap, hard-surface cleaners and antibacterial wipes and sprays.
In other earnings news, a similar story from Galaxy as reported in ICN. Galaxy Surfactants Limited, a leading manufacturer of performance surfactants and specialty care products with over 210 product grades used in the Home and Personal Care industry, has announced its Q3 FY22 revenue of Rs. 930.9 crore, an increase of 37.3% whereas profit was Rs. 45.6, down by 46.5%.
Commenting on the performance U. Shekhar, Managing Director, Galaxy Surfactants Limited said, “The supply-driven volatility that impacted our Q-2 performance continued in Q-3. Rising input costs along with supply chain constraints, be it in terms of on-time container availability or port congestion severely impinged our ability to service our customers. While Volumes have remained flat Y-o-Y, the decline in EBITDA/MT impacted our overall performance significantly. Both these factors need to be understood in the global context.
"Rising feedstock prices combined with availability issues and higher lead times impacted our operations. This when combined with the volatility we have been experiencing in the export markets on account of on-time availability of containers and rising freight costs have proved to be the worst possible mix. This has not only impacted our ability to service the underlying demand but also led to significantly higher cost of operations. This, we believe, will continue till H-1 FY 22-23," commented Shekhar.
"Amidst the gloom, India has been the bright spot for us. Structural uptick in volumes is clearly visible with the current volumes being nearly 10% higher than the pre-COVID average. We have begun operationalizing our new specialty CAPEXs. These should become fully operational by April 1st, 2022," said Shekhar.
"While the external scenario remains extremely uncertain, internally we are taking the necessary steps to enhance our performance, stability, and delivery. To conclude, we at Galaxy strongly believe the executional challenges we are facing today are in reality laying the foundations for our next decade of growth. While the last two quarters have been challenging, we believe the worst is behind us and we should see better quarters going ahead,” added Shekhar.
And finally, huge personnel news from Stepan. On February 17th the company announced that F. Quinn Stepan, Jr. will retire as Chief Executive Officer of the Company on April 25, 2022. Stepan goes on to note in a press release that - Mr. Stepan will continue to serve as non-executive Chairman of the Board assuring an effective transition. Scott Behrens, currently President and Chief Operating Officer, will succeed him as President and CEO. The Company expects that Mr. Behrens will be nominated for election to the Board of Directors at the 2022 Annual Meeting….. During Mr. Stepan's tenure as CEO, which began on January 1, 2006, the Company has seen significant growth. Sales increased over 50 percent and net income increased from $13 million in 2005 to a record $138 million in 2021. Likewise, shareholder value has grown exponentially from a year-end market capitalization of $142 million in 2005 to $2.8 billion in 2021 and from a Company common stock price of $13.44 per share on December 30, 2005, to a recent 52 week high of $139.30 per share. Truly a transition between eras at Stepan. Best wishes to Quinn and Scott!
End of News - Begining of some musical musings
Speaking of the Spice Girls..So I was at a wedding a couple of weeks ago. Daughter of friends of ours. Once the wedding band got cracking, the top song for dancing was most likely this one .
It is a classic right? What struck me as how intently and seriously the ladies of all ages danced and mimed to this song, while the hapless husbands (husbands are always hapless on the dance-floor – why is that? ) did their best to .. er .. well,.. be present. As a card-carrying hapless husband myself, I was only able to dodge this one by my rapt interest in the groom’s grandmother’s knitting story, which I simply had to hear the end of. I was not so lucky when the execrable line dances came round. Any case, what made the Spice Girls so great? Depends who you ask I suppose. The tunes are catchy. Voices auto-tuned to perfection. The lasses themselves are comely, let’s say. Appealing to a range of tastes; posh, scary, sporty etc.. a shrewd demographic play by their creators. But there’s more. I’m not sure they invented Girl Power, but the Spice Girls perfected and exemplified it in the popular culture. They weren’t the first for sure. Maggie Thatcher springs to mind as the ultimate expression of 80’s girl-power. And then of course Elizabeth I, 400 hundred and odd years prior. But both of them lacked the sort of laddish boisterousness that Posh and friends brought to the 90’s girl-culture.
Here’s another classic: See the skyline? I’m guessing then that the video was shot in Jersey City. Well, you can check out the camera angle for yourself in May if you like.
So let’s wrap this up. Is it possible that Nelson finds himself somewhat inspired in his latest endeavour, via his new association with girl-power icon Victoria? It’s possible, sure. Right now, Nelson and Alan are in the “Tell me what you want / I’ll tell you what I want” stage of the relationship as the circle each other, trying to get a sense of strengths and weaknesses. Then pretty soon, Nelson will deliver the demand for shareholder value “If you wanna be my lover, you have got to give, Takin' is too easy, but that's the way it is”. Then we’ll see. To be continued....
A lot of work to justify a couple of videos? True. So here’s a couple more.
Here - the ultimate girls-next-door on a generic Northern (British) street (note the flat cap in case you didn’t get it)
And now for quintessential American (note the cowboy hat, Caddy and Nascar in case you didn't get it) scene. No audience went uncatered for. Marketing genius no?
That's it. Thanks for indulging!