<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, 1996

                                       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, 1996

                                TABLE OF CONTENTS


                                                                            PAGE
PART I - FINANCIAL INFORMATION

Item 1.   Financial Statements

          Balance Sheets - September 30, 1996 (unaudited) and December 31,
            1995                                                              4

          Statements of Operations for the three and nine months ended
            September 30, 1996 and 1995 (unaudited)                           5

          Statements of Cash Flows for the nine months ended September 30,
            1996 and 1995 (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                                   12

                                        2
<PAGE>   3
                         PART I - FINANCIAL INFORMATION


Item 1.  Financial Statements

         Presented herein are the Registrant's balance sheets as of September
         30, 1996 and December 31, 1995, statements of operations for the three
         and nine months ended September 30, 1996 and 1995, and statements of
         cash flows for the nine months ended September 30, 1996 and 1995.


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

                                 BALANCE SHEETS

                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                    September 30,     December 31,
                                                                        1996             1995
                                                                    -------------     ------------
<S>                                                                  <C>              <C>
                            Assets
Current assets:
    Cash, includes $112,953 at September 30, 1996 and $175,244
         at December 31, 1995 in interest-bearing accounts           $  113,151       $  175,530
    Short-term investments                                              450,796          350,000
    Net lease receivables due from Leasing Company
         (notes 1 and 2)                                                218,603          277,071
                                                                     ----------       ----------

             Total current assets                                       782,550          802,601
                                                                     ----------       ----------

Container rental equipment, at cost                                   3,453,083        5,425,149
    Less accumulated depreciation                                     2,311,136        3,410,328
                                                                     ----------       ----------
         Net container rental equipment                               1,141,947        2,014,821
                                                                     ----------       ----------

                                                                     $1,924,497       $2,817,422
                                                                     ==========       ==========

                       Partners' Capital

Partners' capital:
    General partners                                                 $    1,713       $    1,408
    Limited partners                                                  1,922,784        2,816,014
                                                                     ----------       ----------

             Total partners' capital                                  1,924,497        2,817,422
                                                                     ----------       ----------

                                                                     $1,924,497       $2,817,422
                                                                     ==========       ==========
</TABLE>


        The accompanying notes are an integral part of these 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,
                                            1996           1995           1996           1995
                                        -------------  -------------  -------------  -------------
<S>                                       <C>            <C>            <C>            <C>
Net lease revenue (notes 1 and 3)         $119,370       $202,867       $365,105       $694,691
Other operating expenses:
  Depreciation                              46,926         74,123        166,875        232,936
  Other general and administrative
    expenses                                 7,762          4,309         21,299         26,636
                                          --------       --------       --------       --------
                                            54,688         78,432        188,174        259,572
                                          --------       --------       --------       --------
    Earnings from operations                64,682        124,435        176,931        435,119

Other income:
  Interest income                            9,978          7,543         24,803         24,467
  Net gain on disposal of equipment         53,839         27,469        180,611        125,998
                                          --------       --------       --------       --------
                                            63,817         35,012        205,414        150,465
                                          --------       --------       --------       --------
    Net earnings                          $128,499       $159,447       $382,345       $585,584
                                          ========       ========       ========       ========

Allocation of net earnings:
  General partners                        $ 52,725       $ 35,888       $113,662       $103,201
  Limited partners                          75,774        123,559        268,683        482,383
                                          --------       --------       --------       --------
                                          $128,499       $159,447       $382,345       $585,584
                                          ========       ========       ========       ========
Limited partners' per unit share of
  net earnings                            $   4.42       $   7.21       $  15.68       $  28.15
                                          ========       ========       ========       ========
</TABLE>

        The accompanying notes are an integral part of these 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,
                                                              1996               1995
                                                          -------------      -------------
<S>                                                        <C>                <C>
Net cash provided by operating activities                  $   452,259        $   779,998

Cash flows provided by investing activities:
  Proceeds from disposal of equipment                          861,429            386,486

Cash flows used in financing activities:
  Distribution to partners                                  (1,275,271)        (1,175,365)
                                                           -----------        -----------

Net increase (decrease) in cash and cash equivalents            38,417             (8,881)

Cash and cash equivalents at January 1                         525,530            563,369
                                                           -----------        -----------

Cash and cash equivalents at September 30                  $   563,947        $   554,488
                                                           ===========        ===========
</TABLE>


        The accompanying notes are an integral part of these 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 and controls the business of the Partnership.

     (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.

     (c) Basis of Accounting

         The Partnership utilizes the accrual method of accounting. Revenue is
         recognized when earned.

         The Partnership has determined that for accounting purposes the Leasing
         Agent Agreement is a lease, and the receivables, payables, gross
         revenues and operating expenses attributable to the containers managed
         by the Leasing Company are, for accounting purposes, those of the
         Leasing Company and not of the Partnership. Consequently, the
         Partnership's balance sheets and statements of operations display the
         payments to be received by the Partnership from the Leasing Company as
         the Partnership's receivables and revenues.


                                                                     (Continued)

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

                     NOTES TO UNAUDITED FINANCIAL STATEMENTS


     (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.

         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, the Leasing Company, 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, 1996 and December 31, 1995 were as follows:

<TABLE>
<CAPTION>
                                                                September 30,       December 31,
                                                                    1996               1995
                                                                -------------       ------------
<S>                                                              <C>                <C>
     Lease receivables, net of doubtful accounts
         of $115,680 at September 30, 1996 and $106,894
         at December 31, 1995                                    $  375,624         $   499,036
     Less:
     Direct operating payables and accrued expenses                  57,026             114,433
     Damage protection reserve                                       36,426              31,523
     Base management fees                                            15,349              30,150
     Reimbursed administrative expenses                               3,817               6,028
     Incentive fees                                                  44,403              39,831
                                                                 ----------         -----------
                                                                 $  218,603         $   277,071
                                                                 ==========         ===========
</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 and
     management fees to CCC and the Leasing Company, 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
     and nine-month periods ended September 30, 1996 and 1995, was as follows:


<TABLE>
<CAPTION>
                                                        Three Months Ended                Nine Months Ended
                                                   -----------------------------    -----------------------------
                                                   September 30,   September 30,    September 30,   September 30,
                                                        1996            1995             1996            1995
                                                   -------------   -------------    -------------   -------------
<S>                                                 <C>             <C>              <C>            <C>
           Rental revenue                           $  224,568      $  397,564       $  797,305     $  1,249,950
           Rental equipment operating expenses          33,385         106,954          189,820          274,807
           Base management fees                         15,744          24,945           52,852           83,006
           Incentive fees                               44,403          38,526          146,269          127,331
           Reimbursed administrative expenses           11,666          24,272           43,259           70,115
                                                    ----------      ----------       ----------     ------------
                                                    $  119,370      $  202,867       $  365,105     $    694,691
                                                    ==========      ==========       ==========     ============
</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, 1996 and
     December 31, 1995.

     During the first nine months of 1996, the Registrant continued disposing of
     containers as part of its ongoing operations. Accordingly, 890 containers
     were disposed, contributing to an increase in cash generated from sales
     proceeds, and accordingly, the related cash balances. At September 30,
     1996, 38% of the original equipment remained in the Registrant's fleet, as
     compared to 62% at December 31, 1995, comprised as follows:

<TABLE>
<CAPTION>
                                                                             40-Foot
                                             20-Foot         40-Foot        High-Cube
                                             -------         -------        ---------
<S>                                            <C>             <C>             <C>
         Containers on lease:
             Term leases                        70              14              10
             Master lease                      813             217             113
                                               ---             ---             ---
                 Subtotal                      883             231             123
         Containers off lease                  101              26              12
                                               ---             ---             ---
             Total container fleet             984             257             135
                                               ===             ===             ===
</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                       1,777       64%         462      64%         15      10%
                                                  -----      ---          ---     ---         ---     ---
         Remaining fleet at September 30, 1996      984       36%         257      36%        135      90%
                                                  =====      ===          ===     ===         ===     ===
</TABLE>


     Net lease receivables at September 30, 1996 declined when compared to
     December 31, 1995. Contributing to this decline were favorable collections
     of the Registrant's lease receivables, a diminishing fleet size, and its
     related operating performance. During the third quarter of 1996,
     distributions from operations and sales proceeds amount to $587,682,
     reflecting distributions to the general and limited partners for the second
     quarter of 1996. This represents an increase from the $329,102 distributed
     during the second quarter of 1996, reflecting increased distributions of
     sales proceeds for the second quarter of 1996. The Registrant's disposal
     activity should produce lower operating results and, consequently, lower
     distributions from operations to its partners in subsequent periods.
     However, sales proceeds distributed to its partners may fluctuate in
     subsequent periods, reflecting the level of container disposals.

     The statements contained in the following discussion are based on current
     expectations. These statements are forward looking and actual results may
     differ materially. Indicative of the cyclical nature of the container
     leasing business, containerized trade slowed in the last quarter of 1995,
     and excess inventories began to develop. This slowdown has resulted in
     reduced equipment utilization and lower per-diem rental rates in the
     container leasing industry during the first nine months of 1996. However,
     as a result of the Registrant's policy of disposing off-hire containers,
     utilization at September 30, 1996 averaged 90%, an increase from the
     average utilization rate of 87% at December 31, 1995. Additionally, during
     the first nine months of 1996, the Leasing Company implemented various
     marketing strategies, including but not limited to, offering incentives to
     shipping companies and repositioning containers to high demand locations in
     order to counter the market conditions. Ancillary revenues have fallen, and
     free-day incentives offered to the shipping lines have increased. As a
     result, these leasing market conditions, combined with the Registrant's
     disposal of containers, are expected to adversely impact the Registrant's
     results from operations through the remainder of 1996 and into 1997.


                                       10
<PAGE>   11
2)   Material changes in the results of operations between the three and
     nine-month periods ended September 30, 1996 and the three and nine-month
     periods ended September 30, 1995.

     Net lease revenue for the three and nine-month periods ended September 30,
     1996 was $119,370 and $365,105, respectively, a decline of 41% and 47% from
     the same three and nine-month periods in the prior year, respectively.
     Approximately 42% and 47% of the Registrant's net earnings for the three
     and nine-month periods ended September 30, 1996, respectively, were from
     gain on disposal of equipment, as compared to 17% and 22% for the same
     three and nine-month periods in the prior year, respectively. As the
     Registrant continues the disposal of its containers in subsequent periods,
     net gain on disposal should contribute significantly to the Registrant's
     net earnings.

     Gross rental revenue (a component of net lease revenue) for the three and
     nine-month periods ended September 30, 1996 was $224,568, and $797,305,
     respectively, reflecting a decline of 44% and 36% from the same three and
     nine-month periods in 1995, respectively. During 1996, gross rental revenue
     was primarily impacted by the Registrant's diminishing fleet size. Average
     per-diem rental rates decreased approximately 4% and 3%, when compared to
     the same three and nine-month periods in the prior year, respectively, as
     they became subject to the downward pressures of an increasingly soft
     container leasing market. The Registrant's average fleet size and
     utilization rates for the three and nine-month periods ended September 30,
     1996 and September 30, 1995 were as follows:

<TABLE>
<CAPTION>
                                                     Three Months Ended                 Nine Months Ended
                                                ------------------------------    -----------------------------
                                                September 30,    September 30,    September 30,   September 30,
                                                    1996             1995             1996            1995
                                                -------------    -------------    -------------   -------------
<S>                                                <C>             <C>               <C>             <C>
      Average Fleet Size (measured in
         twenty-foot equivalent units (TEU))       1,850           3,055             2,230           3,248
      Average Utilization                             91%             87%               86%             88%
</TABLE>

     The Registrant's aging and declining fleet size contributed to a 37% and
     28% decline in depreciation expense when compared to the same three and
     nine-month periods in the prior year, respectively. Rental equipment
     operating expenses were 15% and 27% of the Registrant's gross lease revenue
     for the three-month periods ended September 30, 1996 and 1995,
     respectively. This decline was primarily attributable to a reduction in the
     provision for doubtful accounts and the costs associated with the recovery
     actions against the doubtful accounts of certain lessees. However, rental
     equipment operating expenses were 24% and 22% of the Registrant's gross
     lease revenue for the nine-month periods ended September 30, 1996 and 1995,
     respectively. This increase was largely attributable to a decline in gross
     lease revenue resulting from lower utilization rates, lower per-diem rates,
     a downward trend in ancillary revenue, and an increase in free-day
     incentives offered to shipping companies. Costs associated with lower
     utilization levels, including storage, handling, and repositioning, also
     contributed to the increase in rental equipment operating expenses, as a
     percentage of gross lease revenue. The Registrant's declining fleet size
     and related operating performance contributed to the decline in base
     management fees, when compared to the same periods in the prior year.
     Incentive fees, which are based on both the operating performance of the
     fleet and sales proceeds, increased by 15% when compared with each of the
     three and nine-month periods in the prior year, respectively.



                                       11
<PAGE>   12
                           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

     No reports on Form 8-K were filed by the Registrant during the quarter
     ended September 30, 1996




----------

*    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)




                                       12
<PAGE>   13
                                   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 Financial & Accounting Officer



Date:  November 11, 1996


                                       13
<PAGE>   14
                                  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)