<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                    FORM 10-Q


[X]    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF 
       THE SECURITIES EXCHANGE ACT OF 1934 

       FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1998

                                  OR

[ ]    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
       THE SECURITIES EXCHANGE ACT OF 1934 

       FOR THE TRANSITION PERIOD FROM ____________ TO ____________

                         Commission file number 0-13432

                      IEA MARINE CONTAINER INCOME FUND V(B)
             (Exact name of registrant as specified in its charter)

          California                              94-2911066
(State or other jurisdiction of                (I.R.S. Employer
incorporation or organization)                Identification No.)

         444 Market Street, 15th Floor, San Francisco, California 94111
                (Address of principal executive offices)     (Zip Code)

                                 (415) 677-8990
              (Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes [X] No [ ]

<PAGE>   2
                      IEA MARINE CONTAINER INCOME FUND V(B)

                  REPORT ON FORM 10-Q FOR THE QUARTERLY PERIOD
                            ENDED SEPTEMBER 30, 1998

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                       PAGE
                                                                                                       ----
<S>       <C>                                                                                         <C>
PART I -- FINANCIAL INFORMATION

  Item 1. Financial Statements

          Balance Sheets - September 30, 1998 (unaudited) and December 31, 1997                          4

          Statements of Operations for the three and nine months ended
          September 30, 1998 and 1997 (unaudited)                                                        5

          Statements of Cash Flows for the nine months ended September 30, 1998 and
          1997 (unaudited)                                                                               6

          Notes to Financial Statements (unaudited)                                                      7

  Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations         10

  Item 3. Quantitative and Qualitative Disclosures About Market Risk                                    11

PART II-- OTHER INFORMATION

  Item 1. Legal Proceedings                                                                             12

  Item 3. Defaults Upon Senior Securities                                                               13

  Item 5. Other Information                                                                             13

  Item 6. Exhibits and Reports on Form 8-K                                                              15
</TABLE>


                                       2
<PAGE>   3
                         PART I - FINANCIAL INFORMATION


Item 1.   Financial Statements

          Presented herein are the Registrant's balance sheets as of September
          30, 1998 and December 31, 1997, statements of operations for the three
          and nine months ended September 30, 1998 and 1997, and statements of
          cash flows for the nine months ended September 30, 1998 and 1997.


                                       3
<PAGE>   4
                      IEA MARINE CONTAINER INCOME FUND V(B)

                                 BALANCE SHEETS

                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                 September 30,     December 31,
                                                                                     1998              1997
                                                                                 -------------     ------------
<S>                                                                              <C>               <C>
                                       Assets

Current assets:
    Cash and cash equivalents, includes $862,985 at September 30, 1998 and
       $303,402 at December 31, 1997 in interest-bearing accounts                 $  863,085        $  303,602
    Net lease receivables due from Leasing Company
       (notes 1 and 2)                                                                13,603            80,051
                                                                                  ----------        ----------
           Total current assets                                                      876,688           383,653
                                                                                  ----------        ----------
Container rental equipment, at cost                                                       --         2,089,802
    Less accumulated depreciation                                                         --         1,462,861
                                                                                  ----------        ----------
       Net container rental equipment                                                     --           626,941
                                                                                  ----------        ----------
                                                                                  $  876,688        $1,010,594
                                                                                  ==========        ==========
                         Liabilities and Partners' Capital

Current liabilities:
    Accounts payable and accrued expenses                                         $  143,587        $       --
                                                                                  ----------        ----------

       Total current liabilities                                                     143,587                --
                                                                                  ----------        ----------

Partners' capital:
    General partners                                                                   1,450             1,682
    Limited partners                                                                 731,651         1,008,912
                                                                                  ----------        ----------
           Total partners' capital                                                   733,101         1,010,594
                                                                                  ----------        ----------
                                                                                  $  876,688        $1,010,594
                                                                                  ==========        ==========
</TABLE>

   The accompanying notes are an integral part of these financial statements.


                                       4
<PAGE>   5
                      IEA MARINE CONTAINER INCOME FUND V(B)

                            STATEMENTS OF OPERATIONS

                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                             Three Months Ended                Nine Months Ended
                                                      -------------------------------   -----------------------------
                                                      September 30,     September 30,   September 30,   September 30,
                                                          1998              1997            1998            1997
                                                      -------------     -------------   -------------   -------------
<S>                                                   <C>               <C>             <C>             <C>
Net lease revenue (expense) (notes 1 and 3)             $ (42,577)        $ 76,081        $ 65,612        $240,851

Other operating expenses:
    Depreciation                                               --               --              --          70,098
    Other general and administrative expenses               8,021            8,331          36,080          26,827
                                                        ---------         --------        --------        --------
                                                            8,021            8,331          36,080          96,925
                                                        ---------         --------        --------        --------
       Earnings (loss) from operations                    (50,598)          67,750          29,532         143,926

Other income:
    Interest income                                         3,723            3,568           9,698          13,156
    Net gain on disposal of equipment                     109,166           23,050         147,547         124,155
                                                        ---------         --------        --------        --------
                                                          112,889           26,618         157,245         137,311
                                                        ---------         --------        --------        --------
       Net earnings                                     $  62,291         $ 94,368        $186,777        $281,237
                                                        =========         ========        ========        ========
Allocation of net earnings:
    General partners                                    $  13,088         $ 22,153        $ 41,037        $ 75,255
    Limited partners                                       49,203           72,215         145,740         205,982
                                                        ---------         --------        --------        --------
                                                        $  62,291         $ 94,368        $186,777        $281,237
                                                        =========         ========        ========        ========
Limited partners' per unit share of net earnings        $    2.88         $   4.21        $   8.51        $  12.02
                                                        =========         ========        ========        ========
</TABLE>

   The accompanying notes are an integral part of these financial statements.


                                       5
<PAGE>   6
                      IEA MARINE CONTAINER INCOME FUND V(B)

                            STATEMENTS OF CASH FLOWS

                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                   Nine Months Ended
                                                            ---------------------------------
                                                            September 30,       September 30,
                                                                1998                1997
                                                            -------------       -------------
<S>                                                         <C>                 <C>
Net cash provided by operating activities                     $ 120,591           $ 284,823

Cash flows provided by investing activities:
    Proceeds from disposal of equipment                         903,162             399,575

Cash flows used in financing activities:
    Distribution to partners                                   (464,270)           (858,017)
                                                              ---------           ---------
Net increase (decrease) in cash and cash equivalents            559,483            (173,619)

Cash and cash equivalents at January 1                          303,602             493,149
                                                              ---------           ---------
Cash and cash equivalents at September 30                     $ 863,085           $ 319,530
                                                              =========           =========
</TABLE>

   The accompanying notes are an integral part of these financial statements.


                                       6
<PAGE>   7
                      IEA MARINE CONTAINER INCOME FUND V(B)

                     NOTES TO UNAUDITED FINANCIAL STATEMENTS


(1)   Summary of Significant Accounting Policies

      (a) Nature of Operations

          IEA Marine Container Income Fund V(B) (the "Partnership") is a limited
          partnership organized under the laws of the State of California on
          August 8, 1983 for the purpose of owning and leasing marine cargo
          containers. The managing general partner is Cronos Capital Corp.
          ("CCC"); the associate general partners include four individuals. CCC,
          with its affiliate Cronos Containers Limited (the "Leasing Company"),
          manages the business of the Partnership. The Partnership shall
          continue until December 31, 2005, unless sooner terminated upon the
          occurrence of certain events.

          The Partnership commenced operations on May 22, 1984, when the minimum
          subscription proceeds of $1,000,000 were obtained. The Partnership
          offered 20,000 units of limited partnership interest at $500 per unit,
          or $10,000,000. The offering terminated on October 5, 1984, at which
          time 17,134 limited partnership units had been purchased.

          Commencing in 1994, the Partnership's 11th year of operations, the
          Partnership began focusing its attention on the disposition of its
          fleet in accordance with one of its original investment objectives,
          realizing the residual value of its containers after the expiration of
          their economic useful lives, estimated to be between 10 to 15 years
          after placement in leased service. The Partnership, in its 15th year
          of operations, has focused its attention on disposing of its remaining
          fleet. As of September 30, 1998, the remaining equipment in the
          Partnership's fleet was sold.

      (b) Leasing Company and Leasing Agent Agreement

          Pursuant to the Limited Partnership Agreement of the Partnership, all
          authority to administer the business of the Partnership is vested in
          CCC. CCC has entered into a Leasing Agent Agreement whereby the
          Leasing Company has the responsibility to manage the leasing
          operations of all equipment owned by the Partnership. Pursuant to the
          Agreement, the Leasing Company is responsible for leasing, managing
          and re-leasing the Partnership's containers to ocean carriers and has
          full discretion over which ocean carriers and suppliers of goods and
          services it may deal with. The Leasing Agent Agreement permits the
          Leasing Company to use the containers owned by the Partnership,
          together with other containers owned or managed by the Leasing Company
          and its affiliates, as part of a single fleet operated without regard
          to ownership. Since the Leasing Agent Agreement meets the definition
          of an operating lease in Statement of Financial Accounting Standards
          (SFAS) No. 13, it is accounted for as a lease under which the
          Partnership is lessor and the Leasing Company is lessee.

          The Leasing Agent Agreement generally provides that the Leasing
          Company will make payments to the Partnership based upon rentals
          collected from ocean carriers after deducting direct operating
          expenses and management fees to CCC. The Leasing Company leases
          containers to ocean carriers, generally under operating leases which
          are either master leases or term leases (mostly two to five years).
          Master leases do not specify the exact number of containers to be
          leased or the term that each container will remain on hire but allow
          the ocean carrier to pick up and drop off containers at various
          locations; rentals are based upon the number of containers used and
          the applicable per-diem rate. Accordingly, rentals under master leases
          are all variable and contingent upon the number of containers used.
          Most containers are leased to ocean carriers under master leases;
          leasing agreements with fixed payment terms are not material to the
          financial statements. Since there are no material minimum lease
          rentals, no disclosure of minimum lease rentals is provided in these
          financial statements.

                                                                     (Continued)


                                       7
<PAGE>   8
                      IEA MARINE CONTAINER INCOME FUND V(B)

                     NOTES TO UNAUDITED FINANCIAL STATEMENTS


      (c) Basis of Accounting

          The Partnership utilizes the accrual method of accounting. Net lease
          revenue is recorded by the Partnership in each period based upon its
          leasing agent agreement with the Leasing Company. Net lease revenue is
          generally dependent upon operating lease rentals from operating lease
          agreements between the Leasing Company and its various lessees, less
          direct operating expenses and management fees due in respect of the
          containers specified in each operating lease agreement.

      (d) Financial Statement Presentation

          These financial statements have been prepared without audit. Certain
          information and footnote disclosures normally included in financial
          statements prepared in accordance with generally accepted accounting
          procedures have been omitted. It is suggested that these financial
          statements be read in conjunction with the financial statements and
          accompanying notes in the Partnership's latest annual report on Form
          10-K.

          The preparation of financial statements in conformity with generally
          accepted accounting principles (GAAP) requires the Partnership to make
          estimates and assumptions that affect the reported amounts of assets
          and liabilities and disclosure of contingent assets and liabilities at
          the date of the financial statements and the reported amounts of
          revenues and expenses during the reported period. Actual results could
          differ from those estimates.

          The interim financial statements presented herewith reflect all
          adjustments of a normal recurring nature which are, in the opinion of
          management, necessary to a fair statement of the financial condition
          and results of operations for the interim periods presented.

(2)   Net Lease Receivables Due from Leasing Company

      Net lease receivables due from the Leasing Company are determined by
      deducting direct operating payables and accrued expenses, base management
      fees payable, reimbursed administrative expenses and incentive fees
      payable to CCC and its affiliates from the rental billings payable by the
      Leasing Company to the Partnership under operating leases to ocean
      carriers for the containers owned by the Partnership. Net lease
      receivables at September 30, 1998 and December 31, 1997 were as follows:

<TABLE>
<CAPTION>
                                                                         September 30,     December 31,
                                                                             1998              1997
                                                                         -------------     ------------
          <S>                                                            <C>               <C>
          Lease receivables, net of doubtful accounts of $16,362
            at September 30, 1998 and $14,451 at December 31, 1997          $13,603          $166,824
          Less:
          Direct operating payables and accrued expenses                         --            40,242
          Damage protection reserve                                              --            16,977
          Base management fees                                                   --             7,309
          Reimbursed administrative expenses                                     --             2,003
          Incentive fees                                                         --            20,242
                                                                            -------          --------
                                                                            $13,603          $ 80,051
                                                                            =======          ========
</TABLE>

                                                                     (Continued)


                                       8
<PAGE>   9
                      IEA MARINE CONTAINER INCOME FUND V(B)

                     NOTES TO UNAUDITED FINANCIAL STATEMENTS


(3)   Net Lease Revenue

      Net lease revenue is determined by deducting direct operating expenses,
      base management and incentive fees and reimbursed administrative expenses
      to CCC from the rental revenue billed by the Leasing Company under
      operating leases to ocean carriers for the containers owned by the
      Partnership. Net lease revenue (expense) for the three and nine-month
      periods ended September 30, 1998 and 1997, was as follows:


<TABLE>
<CAPTION>
                                                         Three Months Ended                Nine Months Ended
                                                   ------------------------------   -----------------------------
                                                   September 30,    September 30,   September 30,   September 30,
                                                       1998             1997            1998            1997
                                                   -------------    -------------   -------------   -------------
          <S>                                      <C>              <C>             <C>             <C>
          Rental revenue                             $     --         $124,435        $191,333        $423,714
          Less:
          Rental equipment operating expenses              --           11,695          27,621          54,618
          Base management fees                          3,876            8,686          17,168          29,497
          Incentive fees                               35,928           22,201          67,475          79,009
          Reimbursed administrative expenses            2,773            5,772          13,457          19,739
                                                     --------         --------        --------        --------
                                                     $(42,577)        $ 76,081        $ 65,612        $240,851
                                                     ========         ========        ========        ========
</TABLE>


                                       9
<PAGE>   10
Item 2. Management's Discussion and Analysis of Financial Condition and Results
        of Operations

It is suggested that the following discussion be read in conjunction with the
Registrant's most recent annual report on Form 10-K.

1)    Material changes in financial condition between September 30, 1998 and
      December 31, 1997.

      As discussed in prior quarterly reports, the managing general partner has
      focused its efforts on liquidating the remaining equipment in the fleet
      and winding up the Registrant's operations. The Registrant disposed of the
      balance of its container equipment during the first nine months of 1998,
      totaling 779 containers, equaling approximately 21% of the Registrant's
      original fleet of containers. During the second calendar quarter of 1998,
      CCC, as the managing general partner of the Registrant, sought bids from
      independent buyers of used containers for the remaining fleet of
      containers owned by the Registrant. The Registrant accepted the highest
      bid and sold its remaining 655 containers to an unrelated third party
      during the third calendar quarter of 1998 for $648,980 in cash. The sales
      price represented approximately 100% of the net book value, at June 30,
      1998, of the containers sold. At the time of sale, at the buyer's request,
      CCC agreed to manage the containers sold under an equipment lease
      agreement with a term expiring August 31, 2001, subject to annual one-year
      renewal terms, unless the buyer or CCC elects not to renew the terms of
      the agreement. The terms of the management agreement were independently
      negotiated between the buyer and CCC.

      With the sale of the Registrant's remaining containers during the third
      calendar quarter of 1998, the Registrant's container operations have
      ceased. The Registrant is currently in the final phase of the liquidation
      and wind-up stage of operations, focusing on the collection of its lease
      receivables, a component of net lease receivables. The Registrant
      anticipates that the remaining net lease receivables will be collected and
      the liabilities discharged during the fourth quarter of 1998, or as soon
      as practicable. By year end, the Registrant will then undertake a final
      distribution to its partners and proceed to cancel the Certificate of
      Limited Partnership, thus terminating the Partnership. The Partnership
      will then be dissolved. The remaining cash balance at September 30, 1998
      includes amounts reserved for expenses relating to the Registrant's final
      liquidation and subsequent dissolution.

2)    Material changes in the results of operations between the three and
      nine-month periods ended September 30, 1998 and the three and nine-month
      periods ended September 30, 1997.

      At the beginning of 1998, the Registrant had 779 containers remaining in
      the fleet. These containers were disposed of during 1998. Accordingly, the
      Registrant's container operations ceased during the third quarter of 1998.
      Approximately 175% and 79%, respectively, of the Registrant's net earnings
      for the three and nine-month periods ended September 30, 1998, were from
      gain on disposal of equipment, as compared to 24% and 44%, respectively,
      for the same three and nine-month periods in the prior year. In the
      future, rental equipment operating expenses, a component of net lease
      revenue, will consist of costs associated with the recovery of the
      doubtful accounts of certain lessees, including legal expenses and the
      provision for doubtful accounts. General and administrative expenses
      included investor processing, tax, legal, and audit expenses.

      Year 2000

      The Registrant relies upon the financial and operational systems provided
      by the Leasing company and its affiliates, as well as the systems provided
      by other independent third parties to service the three primary areas of
      its business: investor processing/maintenance; container leasing/asset
      tracking; and accounting finance. The Registrant has received confirmation
      from its third-party investor processing/maintenance vendor that their
      system is Year 2000 compliant. The Registrant does not expect a material
      increase in its vendor servicing fee to reimburse Year 2000 costs.
      Container leasing/asset tracking and accounting/finance services are
      provided to the Registrant by CCC and its affiliate, Cronos Containers
      Limited (the "Leasing Company"), pursuant to the respective Limited
      Partnership Agreement and Leasing Agent Agreement. CCC and the Leasing
      Company have initiated a program to prepare their 


                                       10
<PAGE>   11
      systems and applications for the Year 2000. Preliminary studies indicate
      that testing, conversion and upgrading of system applications is expected
      to cost CCC and the Leasing Company less than $500,000. Pursuant to the
      Limited Partnership Agreement, CCC or the Leasing Company, may not seek
      reimbursement of data processing costs associated with the Year 2000
      program. The financial impact of making these required system changes is
      not expected to be material to the Registrant's financial position,
      results of operations or cash flows.

      Cautionary Statement

      This Quarterly Report on Form 10-Q contains statements relating to future
      results of the Registrant, including certain projections and business
      trends, that are "forward-looking statements" as defined in the Private
      Securities Litigation Reform Act of 1995. Actual results may differ
      materially from those projected as a result of certain risks and
      uncertainties, including but not limited to changes in: economic
      conditions; trade policies; demand for and market acceptance of leased
      marine cargo containers; competitive utilization and per-diem rental rate
      pressures; as well as other risks and uncertainties, including but not
      limited to those described in the above discussion of the marine container
      leasing business under Item 2., Management's Discussion and Analysis of
      Financial Condition and Results of Operations; and those detailed from
      time to time in the filings of Registrant with the Securities and Exchange
      Commission.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Not applicable.


                                       11
<PAGE>   12
                           PART II - OTHER INFORMATION

Item 1.  Legal Proceedings

         As reported in the Registrant's Current Report on Form 8-K and
         Amendment No. 1 to Current Report on Form 8-K, filed with the
         Commission on February 7, 1997 and February 26, 1997, respectively,
         Arthur Andersen, London, England, resigned as auditors of the Cronos
         Group, a Luxembourg corporation headquartered in Orchard Lea, England
         (the "Parent Company"), on February 3, 1997.

         The Registrant retained a new auditor, Moore Stephens, P.C. on 
         April 10, 1997, as reported in its Current Report on Form 8-K, filed
         April 14, 1997.

         In connection with its resignation, Arthur Andersen also prepared a
         report pursuant to Section 10A(b)(2) of the Securities Exchange Act of
         1934 as amended, for filing by the Parent Company with the Securities
         and Exchange Commission ("SEC") citing its inability to obtain what it
         considered to be adequate responses to its inquiries primarily
         regarding the payment of $1.5 million purportedly in respect of
         professional fees relating to a proposed strategic alliance. This sum
         was returned to the Parent Company in January 1997.

         Following the report of Arthur Andersen, the SEC, on February 10, 1997,
         commenced a private investigation of the Parent Company for the purpose
         of investigating the matters discussed in such report and related
         matters. The SEC's investigation can result in several types of civil
         or administrative sanctions against the Parent Company and individuals
         associated with the Parent Company, including the assessment of
         monetary penalties. Actions taken by the SEC do not preclude additional
         actions by any other federal, civil or criminal authorities or by other
         regulatory organizations or by third parties.

         The SEC's investigation is continuing, and some of the Parent Company's
         present and former officers and directors and others associated with
         the Parent Company have given testimony. However, no conclusion of any
         alleged wrongdoing by the Parent Company or any individual has been
         communicated to the Parent Company by the SEC.

         The Registrant does not believe that the focus of the SEC's
         investigation is upon the Registrant or CCC. CCC is unable to predict
         the outcome of the SEC's ongoing private investigation of the Parent
         Company.

         As reported in the Registrant's Current Report on Form 8-K, filed with
         the SEC on May 21, 1998, the Parent Company reported that its Chairman
         and CEO, Stefan M. Palatin, was suspended from his duties pending the
         investigation of fraud charges against him by Austrian government
         authorities. On June 8, 1998, the Parent Company's Board of Directors
         removed Mr. Palatin as Managing Director and Chief Executive Officer.
         Mr. Palatin resigned from the Board of Directors of the Parent Company
         on July 6, 1998. Mr. Rudolf J. Weissenberger has been appointed to
         replace Mr. Palatin as an executive director and Chief Executive
         Officer. Also, on June 8, 1998, the Board approved a proposal to add
         two independent directors to the Board. The Board engaged legal counsel
         to provide legal advice and commence legal action, if appropriate,
         against former officers or directors of the Parent Company (including
         Mr. Palatin) if it is determined that they engaged in any misfeasance
         or improper self-dealing.

         Mr. Palatin had been a director of CCC; he resigned from his position
         as director on April 23, 1998.

         CCC further understands that Austrian authorities have initiated
         investigations of persons in addition to Mr. Palatin, including Mr.
         Weissenberger and Dr. Axel Friedberg. The investigations which remain
         pending have not resulted in any action being taken against Mr.
         Weissenberger, and he has informed the Parent Company that he 


                                       12
<PAGE>   13

         does not believe that there is any basis for any action to be taken
         against him. Dr. Friedberg has been a non-executive director of the
         Parent Company since 1997. In August 1998, charges were presented
         against Dr. Friedberg. Dr. Friedberg has denied any wrongdoing and, on
         September 14, 1998, filed objections to the charges against him.

Item 3.  Defaults Upon Senior Securities

         See Item 5. Other Information.

Item 5.  Other Information

         In 1993, the Parent Company negotiated a credit facility (hereinafter,
         the "Credit Facility") with several banks for the use of the Parent
         Company and its affiliates, including CCC. At December 31, 1996,
         approximately $73,500,000 in principal indebtedness was outstanding
         under the Credit Facility. As a party to the Credit Facility, CCC is
         jointly and severally liable for the repayment of all principal and
         interest owed under the Credit Facility. The obligations of CCC, and
         the five other subsidiaries of the Parent Company that are borrowers
         under the Credit Facility, are guaranteed by the Parent Company.

         Following negotiations in 1997 with the banks providing the Credit
         Facility, an Amended and Restated Credit Agreement was executed in June
         1997, subject to various actions being taken by the Parent Company and
         its subsidiaries, primarily relating to the provision of additional
         collateral. This Agreement was further amended in July 1997 and the
         provisions of the Agreement and its Amendment converted the facility to
         a term loan, payable in installments, with a final maturity date of May
         31, 1998. The terms of the Agreement and its Amendment also provided
         for additional security over shares in the subsidiary of the Parent
         Company that owns the head office of the Parent Company's container
         leasing operations. They also provided for the loans to the former
         Chairman of $5,900,000 and $3,700,000 to be restructured as obligations
         of the former Chairman to another subsidiary of the Parent Company (not
         CCC), together with the pledge to this subsidiary company of 2,030,303
         Common Shares beneficially owned by him in the Parent Company as
         security for these loans. They further provided for the assignment of
         these loans to the lending banks, together with the pledge of 1,000,000
         shares and the assignment of the rights of the Parent Company in
         respect of the other 1,030,303 shares. Additionally, CCC granted the
         lending banks a security interest in the fees to which it is entitled
         for the services it renders to the container leasing partnerships of
         which it acts as general partner, including its fee income payable by
         the Registrant. The Parent Company did not repay the Credit Facility at
         the amended maturity date of May 31, 1998.

         On June 30, 1998, the Parent Company entered into a third amendment
         (the "Third Amendment") to the Credit Facility. The Third Amendment
         became effective as of that date, subject to the satisfaction
         thereafter of various conditions, including: the Parent Company must
         deliver its audited financial statements for 1997 by a specified date
         and; on or prior to July 30, 1998, the Parent Company must furnish
         proof that any defaults under any other indebtedness have been waived
         and must also furnish various legal opinions, officers' certificates
         and other loan documentation. All of these conditions were fulfilled by
         August 14, 1998. Under the Third Amendment, the remaining principal
         amount of $36,800,000 will be amortized in varying monthly amounts
         commencing on July 31, 1998 with $26,950,000 due on September 30, 1998
         and a final maturity date of January 8, 1999. The Parent Company did
         not repay the amount due on September 30, 1998. The directors of the
         Parent Company currently are holding discussions with the lenders to
         refinance or extend its debt that became due on September 30, 1998.

         The directors of the Parent Company also are pursuing alternative
         sources of financing to meet the amended repayment obligations under
         the Third Amendment. Failure to meet revised lending terms would
         constitute an event of default with the lenders. The declaration of an
         event of default would result in further defaults with other lenders
         under loan agreement cross-default provisions. Should a default of the
         term loans be enforced, the Parent Company and CCC may be unable to
         continue as going concerns.


                                       13
<PAGE>   14
         CCC is currently in discussions with the management of the Parent
         Company to provide assurance that the management of the container
         leasing partnerships managed by CCC, including the Registrant, is not
         disrupted pending a refinancing or reorganization of the indebtedness
         of the Parent Company and its affiliates.

         The Registrant is not a borrower under the Credit Facility, and neither
         the containers nor the other assets of the Registrant have been pledged
         as collateral under the Credit Facility.

         CCC is unable to determine the impact, if any, these concerns may have
         on the future operating results and financial condition of the
         Registrant or CCC and the Leasing Company's ability to manage the
         Registrant's fleet in subsequent periods.


                                       14
<PAGE>   15
Item 6. Exhibits and Reports on Form 8-K

(a)   Exhibits

<TABLE>
<CAPTION>
      Exhibit
        No.                             Description                                   Method of Filing
      -------      --------------------------------------------------------       ------------------------
      <S>          <C>                                                            <C>
        3(a)       Limited Partnership Agreement of the Registrant, amended       *
                   and restated as of October 27, 1983

        3(b)       Certificate of Limited Partnership of the Registrant           **

        27         Financial Data Schedule                                        Filed with this document
</TABLE>

(b)   Reports on Form 8-K

      No reports on Form 8-K were filed by the Registrant during the quarter 
      ended September 30, 1998.


------------

*     Incorporated by reference to Exhibit "A" to the Prospectus of the
      Registrant dated October 28, 1983, included as part of Registration
      Statement on Form S-1 (No. 2-86324)

**    Incorporated by reference to Exhibit 3.4 to the Registration Statement on
      Form S-1 (No. 2-86324)


                                       15
<PAGE>   16
                                   SIGNATURES

      Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                       IEA MARINE CONTAINER INCOME FUND V(B)


                                       By  Cronos Capital Corp.
                                           The Managing General Partner


                                       By  /s/ Dennis J. Tietz
                                           -------------------------------------
                                           Dennis J. Tietz
                                           President and Director of 
                                           Cronos Capital Corp. ("CCC")
                                           Principal Executive Officer of CCC


Date: November 13, 1998


                                       16
<PAGE>   17
                                  EXHIBIT INDEX

<TABLE>
<CAPTION>
Exhibit
  No.                             Description                                   Method of Filing
-------      --------------------------------------------------------       ------------------------
<S>          <C>                                                            <C>
  3(a)       Limited Partnership Agreement of the Registrant, amended       *
             and restated as of October 27, 1983

  3(b)       Certificate of Limited Partnership of the Registrant           **

  27         Financial Data Schedule                                        Filed with this document
</TABLE>


-------------

*     Incorporated by reference to Exhibit "A" to the Prospectus of the
      Registrant dated October 28, 1983, included as part of Registration
      Statement on Form S-1 (No. 2-86324)

**    Incorporated by reference to Exhibit 3.4 to the Registration Statement on
      Form S-1 (No. 2-86324)