<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 MARCH 31, 1997

                                       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 MARCH 31, 1997

                                TABLE OF CONTENTS


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

  Item 1.     Financial Statements

              Balance Sheets - March 31, 1997 (unaudited) and December 31, 1996     4

              Statements of Operations for the three months ended March 31, 1997
              and 1996 (unaudited)                                                  5

              Statements of Cash Flows for the three months ended March 31, 1997
              and 1996 (unaudited)                                                  6

              Notes to Financial Statements (unaudited)                             7

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


PART II - OTHER INFORMATION

  Item 6. Exhibits and Reports on Form 8-K                                         13
</TABLE>


                                        2


<PAGE>   3
                         PART I - FINANCIAL INFORMATION


Item 1.   Financial Statements

          Presented herein are the Registrant's balance sheets as of March 31,
          1997 and December 31, 1996, statements of operations for the three
          months ended March 31, 1997, and 1996, and statements of cash flows
          for the three months ended March 31, 1997, and 1996.



                                        3


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

                                 BALANCE SHEETS

                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                                              March 31,      December 31,
                                                                                1997             1996
                                                                             ----------      ----------
<S>                                                                          <C>             <C>       
                           Assets
Current assets:
     Cash and cash equivalents, includes $367,871 at March 31, 1997
         and $492,800 at December 31, 1996 in interest-bearing accounts      $  402,601      $  493,149
     Net lease receivables due from Leasing Company
         (notes 1 and 2)                                                        173,817         202,959
                                                                             ----------      ----------

               Total current assets                                             576,418         696,108
                                                                             ----------      ----------

Container rental equipment, at cost                                           2,772,703       3,051,757
     Less accumulated depreciation                                            1,923,401       2,078,170
                                                                             ----------      ----------
         Net container rental equipment                                         849,302         973,587
                                                                             ----------      ----------

                                                                             $1,425,720      $1,669,695
                                                                             ==========      ==========

                      Partners' Capital

Partners' capital:
     General partners                                                        $      495      $    2,207
     Limited partners                                                         1,425,225       1,667,488
                                                                             ----------      ----------

               Total partners' capital                                        1,425,720       1,669,695
                                                                             ----------      ----------

                                                                             $1,425,720      $1,669,695
                                                                             ==========      ==========
</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
                                                      ----------------------  
                                                       March 31,   March 31,
                                                        1997         1996
                                                      --------      --------
<S>                                                   <C>           <C>     
Net lease revenue (notes 1 and 3)                     $ 92,676      $163,397

Other operating expenses:
   Depreciation                                         36,811        64,567
   Other general and administrative expenses             8,597         6,870
                                                      --------      --------
                                                        45,408        71,437
                                                      --------      --------

      Earnings from operations                          47,268        91,960

Other income:
   Interest income                                       5,329         6,319
   Net gain on disposal of equipment                    50,160        59,615
                                                      --------      --------
                                                        55,489        65,934
                                                      --------      --------

      Net earnings                                    $102,757      $157,894
                                                      ========      ========

Allocation of net earnings:

   General partners                                   $ 29,108      $ 31,042
   Limited partners                                     73,649       126,852
                                                      --------      --------

                                                      $102,757      $157,894
                                                      ========      ========

Limited partners' per unit share of net earnings      $   4.30      $   7.40
                                                      ========      ========
</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>
                                                      Three Months Ended
                                                  -------------------------
                                                    March 31,     March 31,
                                                     1997           1996
                                                  ---------       ---------
<S>                                               <C>             <C>      
Net cash provided by operating activities         $  96,995       $ 176,826


Cash flows provided by investing activities:
   Proceeds from disposal of equipment              159,190         142,977


Cash flows used in financing activities:
   Distribution to partners                        (346,733)       (358,487)
                                                  ---------       ---------


Net decrease in cash and cash equivalents           (90,548)        (38,684)


Cash and cash equivalents at January 1              493,149         525,530
                                                  ---------       ---------


Cash and cash equivalents at March 31             $ 402,601       $ 486,846
                                                  =========       =========
</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.

              As of March 31, 1997, the Partnership owned and operated 754
              twenty-foot, 188 forty-foot and 134 forty-foot high-cube marine
              dry cargo containers.


        (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 March 31, 1997 and December 31,
        1996 were as follows:

<TABLE>
<CAPTION>
                                                             March 31,   December 31,
                                                               1997          1996
                                                             ---------   ------------
         <S>                                                 <C>           <C>     
         Lease receivables, net of doubtful accounts
            of $100,798 at March 31, 1997 and $102,500
            at December 31, 1996                             $285,362      $329,620
         Less:
         Direct operating payables and accrued expenses        52,988        55,994
         Damage protection reserve                             13,926        15,045
         Base management fees                                  12,469        13,743
         Reimbursed administrative expenses                     2,778         3,353
         Incentive fees                                        29,384        38,526
                                                             --------      --------

                                                             $173,817      $202,959
                                                             ========      ========
</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 for the three-month periods ended March
        31, 1997 and 1996, was as follows:


<TABLE>
<CAPTION>
                                                    Three Months Ended
                                                  -----------------------
                                                  March 31,     March 31,
                                                    1997          1996
                                                  --------      --------
         <S>                                      <C>           <C>     
         Rental revenue                           $159,002      $312,202

         Less:
         Rental equipment operating expenses        18,152        72,474
         Base management fees                       11,217        21,506
         Incentive fees                             29,383        36,569
         Reimbursed administrative expenses          7,574        18,256
                                                  --------      --------

                                                  $ 92,676      $163,397
                                                  ========      ========
</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 March 31, 1997 and 
        December 31, 1996.

        As discussed in the Registrant's report for the year ended December 31,
        1996, the Registrant entered 1997 with a view towards accelerating the
        disposal of its fleet. During the first quarter of 1997, the Registrant
        continued disposing of containers as part of its ongoing container
        operations. Accordingly, 116 containers were disposed during the first
        quarter of 1997, contributing to a decline in the Registrant's operating
        results. At March 31, 1997, 30% of the original equipment remained in
        the Registrant's fleet, as compared to 33% at December 31, 1996, and was
        comprised of the following:

<TABLE>
<CAPTION>
                                                            40-Foot
                                        20-Foot   40-Foot  High-Cube
                                        -------   -------  ---------
         <S>                            <C>       <C>      <C>
         Containers on lease:
               Term leases                 44       16       19
               Master lease               629      144       95
                                          ---      ---      ---
                     Subtotal             673      160      114
         Containers off lease              81       28       20
                                          ---      ---      ---
               Total container fleet      754      188      134
                                          ===      ===      ===
</TABLE>

<TABLE>
<CAPTION>
                                                                                          40-Foot
                                                    20-Foot            40-Foot           High-Cube
                                                --------------      -------------      -------------
                                                Units       %       Units      %       Units      %
                                                -----      ---      ----      ---      ----      ---
         <S>                                    <C>        <C>      <C>       <C>      <C>       <C> 
         Total purchases                        2,761      100%      719      100%      150      100%
               Less disposals                   2,007       73%      531       74%       16       11%
                                                -----      ---       ---      ---       ---      ---
         Remaining fleet at March 31, 1997        754       27%      188       26%      134       89%
                                                =====      ===       ===      ===       ===      ===
</TABLE>


        The Registrant's diminishing fleet size and its related operating
        performance contributed to a 14% decline in net lease receivables at
        March 31, 1997, when compared to December 31, 1996. During the first
        quarter of 1997, distributions from operations and sales proceeds
        amounted to $346,733, reflecting distributions to the general and
        limited partners for the fourth quarter of 1996. This represents a
        decline from the $399,625 distributed during the fourth quarter of 1996,
        reflecting distributions for the third quarter of 1996. The Registrant's
        efforts to accelerate the disposal of the remaining fleet should produce
        lower operating results and, consequently, lower distributions to its
        partners in subsequent quarters.

        During 1996, ocean carriers and other transport companies moved away
        from leasing containers outright, as declining container prices,
        favorable interest rates and the abundance of available capital resulted
        in ocean carriers and transport companies purchasing a larger share of
        equipment for their own account, reducing the demand for leased
        containers. Once the demand for leased containers began to fall,
        per-diem rental rates were also adversely affected. These conditions
        continued to exist throughout the first quarter of 1997, resulting in a
        decline in the Registrant's average utilization rate from 90% at
        December 31, 1996 to 89% at March 31, 1997. Despite the aforementioned
        conditions, the Registrant's utilization rates have been favorable, a
        direct result of the Registrant's policy to dispose of its off-hire
        containers. The Leasing Company continues to implement various marketing
        strategies, including but not limited to, offering incentives to
        shipping companies, repositioning containers to high demand locations
        and focusing towards term leases and other leasing opportunities
        including the leasing of containers for local storage, in order to
        counter current leasing market conditions. Although these conditions are
        expected to continue throughout 1997, the Registrant's liquidity and
        capital resources will be primarily impacted by its decision to
        accelerate the disposal of its remaining fleet.



                                       10


<PAGE>   11
2)      Material changes in the results of operations between the three-month
        period ended March 31, 1997 and the three-month period ended March 31,
        1996.

        Net lease revenue for the first quarter of 1997 was $92,676, a decline
        of 43% from the first quarter of 1996. Approximately 49% of the
        Registrant's net earnings for the three-month period ended March 31,
        1997 were from gain on disposal of equipment, as compared to 38% for the
        same three-month period in the prior year. As the Registrant's container
        disposals increase in subsequent periods, net gain on disposal should
        contribute significantly to the Registrant's net earnings and may
        fluctuate dependent on the level of container disposals.

        Gross rental revenue (a component of net lease revenue) for the quarter
        was $157,002, a decline of 49% from the same period last year. During
        1997, gross rental revenue was primarily impacted by the Registrant's
        declining fleet size. However, the sluggish container leasing market
        conditions that existed during 1996 and throughout the first quarter of
        1997 also contributed to lower average per-diem rental rates, which
        declined 8% when compared to the same period in the prior year. The
        Registrant's average fleet size and utilization rates for the
        three-month periods ended March 31, 1997 and 1996 were as follows:


<TABLE>
<CAPTION>
                                                       Three Months Ended
                                                      --------------------
                                                      March 31,  March 31,
                                                        1997       1996
                                                      --------   --------
         <S>                                          <C>         <C>  
         Average Fleet Size (measured in
              twenty-foot equivalent units (TEU))      1,479       2,652
         Average Utilization                              89%         82%
</TABLE>



        The Registrant's aging and declining fleet size contributed to a 43%
        decline in depreciation expense when compared to the same period in the
        prior year. Rental equipment operating expenses were 11% of the
        Registrant's gross lease revenue during the three-month period ended
        March 31, 1997, as compared to 23% during the three-month period ended
        March 31, 1996. Contributing to the decline were reductions in certain
        expenses such as repair and maintenance, no longer incurred at levels
        comparable to prior periods. Additionally, direct operating expenses
        including storage and handling declined as a result of the Registrant's
        decision to dispose of its off-hire containers. The Registrant's
        declining fleet size and related operating results also contributed to a
        decline in base management and incentive fees, when compared to the same
        period in the prior year.

        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 Parent Company is the indirect corporate parent of Cronos Capital
        Corp., the Managing General Partner of the Registrant. In its letter of
        resignation to the Parent Company, Arthur Andersen states that it
        resigned as auditors of the Parent Company and all other entities
        affiliated with the Parent Company. While its letter of resignation was
        not addressed to the Managing General Partner or the Registrant, Arthur
        Andersen confirmed to the Managing General Partner that its resignation
        as auditors of the entities referred to in its letter of resignation
        included its resignation as auditors of Cronos Capital Corp. and the
        Registrant.

        The Registrant does not, at this time, have sufficient information to
        determine the impact, if any, that the concerns expressed by Arthur
        Andersen in its letter of resignation may have on the future operating
        results and financial condition of the Registrant or the Leasing
        Company's ability to manage the Registrant's fleet in subsequent
        periods. However, the Managing General Partner of the Registrant does
        not believe, based upon the information currently available to it, that
        Arthur Andersen's resignation was triggered by any concern over the
        accounting policies and procedures followed by the Registrant.



                                       11


<PAGE>   12
        Arthur Andersen's report on the financial statements of Cronos Capital
        Corp. and the Registrant, for either of the past two years, has not
        contained an adverse opinion or a disclaimer of opinion, nor was any
        such report qualified or modified as to uncertainty, audit scope, or
        accounting principles.

        During the Registrant's two most recent fiscal years and the subsequent
        interim period preceding Arthur Andersen's resignation, there have been
        no disagreements between Cronos Capital Corp. or the Registrant and
        Arthur Andersen on any matter of accounting principles or practices,
        financial statement disclosure, or auditing scope or procedure.

        Due to the nature and timing of Arthur Andersen's resignation, the
        Parent Company and Managing General Partner were unable to name a
        successor auditor on behalf of the Registrant until it retained Moore
        Stephens, P.C. ("Moore Stephens") on April 10, 1997, as reported in the
        Registrant's Current Report on Form 8-K, filed April 14, 1997.


        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.



                                       12


<PAGE>   13
                           PART II - OTHER INFORMATION

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

        The Registrant filed a Report on Form 8-K, dated February 7, 1997 and
        Amendment No. 1 to Report on Form 8-K dated February 26, 1997, reporting
        the resignation of the Registrant's certifying accountant.

        The Registrant filed a Report on Form 8-K, April 14, 1997, reporting the
        appointment of the Registrant's successor certifying accountant.




----------
*       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)



                                       13


<PAGE>   14
                                   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/ JOHN KALLAS
                                         --------------------------------------
                                         John Kallas
                                         Vice President, Treasurer
                                         Principal Finance & Accounting Officer



Date:  June 16, 1997


                                       14