<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, 2001

                                       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 0-27496

                       CRONOS GLOBAL INCOME FUND XVI, L.P.
             (Exact name of registrant as specified in its charter)


           California                                             94-3230380
(State or other jurisdiction of                                (I.R.S. Employer
 incorporation or organization)                              Identification No.)

          One Front 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

                       CRONOS GLOBAL INCOME FUND XVI, L.P.


                  REPORT ON FORM 10-Q FOR THE QUARTERLY PERIOD
                              ENDED MARCH 31, 2001

                                TABLE OF CONTENTS

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

 Item 1. Financial Statements


         Balance Sheets - March 31, 2001 (unaudited) and December 31, 2000                         4


         Statements of Operations for the three months ended March 31, 2001 and 2000 (unaudited)   5


         Statements of Cash Flows for the three months ended March 31, 2001 and 2000 (unaudited)   6


         Notes to Financial Statements (unaudited)                                                 7


 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations    11


 Item 3. Quantitative and Qualitative Disclosures About Market Risk                               12


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,
        2001 and December 31, 2000, statements of operations for the three
        months ended March 31, 2001 and 2000, and statements of cash flows for
        the three months ended March 31, 2001 and 2000.



                                       3
<PAGE>   4

                       CRONOS GLOBAL INCOME FUND XVI, L.P.

                                 BALANCE SHEETS

<TABLE>
<CAPTION>
                                                                                      March 31,              December 31,
                                                                                        2001                     2000
                                                                                    ------------             ------------
                                                                                     (Unaudited)
<S>                                                                                 <C>                      <C>
                 Assets

Current assets:
   Cash and cash equivalents, includes $1,148,502 at March 31, 2001
      and $1,132,938 at December 31, 2000 in interest-bearing accounts              $  1,173,819             $  1,379,619
   Net lease receivables due from Leasing Company
      (notes 1 and 2)                                                                    280,472                  262,463
                                                                                    ------------             ------------

         Total current assets                                                          1,454,291                1,642,082
                                                                                    ------------             ------------

Container rental equipment, at cost                                                   31,831,794               31,851,392
   Less accumulated depreciation                                                       7,798,150                7,337,421
                                                                                    ------------             ------------
      Net container rental equipment                                                  24,033,644               24,513,971
                                                                                    ------------             ------------

Other assets                                                                             863,422                  868,082
                                                                                    ------------             ------------

         Total assets                                                               $ 26,351,357             $ 27,024,135
                                                                                    ============             ============

                 Liabilities and partners' capital

Current liabilities:
   Interest payable                                                                 $     26,000             $     35,000
   Current portion of equipment debt                                                     840,600                  840,600
                                                                                    ------------             ------------

         Total current liabilities                                                       866,600                  875,600

   Equipment debt less current portion                                                 3,572,550                3,782,700
                                                                                    ------------             ------------

         Total liabilities                                                             4,439,150                4,658,300
                                                                                    ------------             ------------

Partners' capital (deficit):
   General partner                                                                       (29,269)                 (25,351)
   Limited partners                                                                   21,941,476               22,391,186
                                                                                    ------------             ------------

         Total partners' capital                                                      21,912,207               22,365,835
                                                                                    ------------             ------------

         Total liabilities and partners' capital                                    $ 26,351,357             $ 27,024,135
                                                                                    ============             ============
</TABLE>


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



                                       4
<PAGE>   5

                       CRONOS GLOBAL INCOME FUND XVI, L.P.

                            STATEMENTS OF OPERATIONS

                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                Three Months Ended
                                                          -------------------------------
                                                          March 31,             March 31,
                                                            2001                  2000
                                                          ---------             ---------
<S>                                                       <C>                   <C>
Net lease revenue (notes 1 and 3)                         $ 791,993             $ 810,544

Other operating expenses:
  Depreciation                                              470,289               413,423
  Other general and administrative expenses                  30,642                20,468
                                                          ---------             ---------
                                                            500,931               433,891
                                                          ---------             ---------

    Income from operations                                  291,062               376,653

Other income (loss):
  Interest income                                            17,475                23,255
  Interest expense                                          (89,245)                   --
  Net gain (loss) on disposal of equipment                      625                  (351)
                                                          ---------             ---------
                                                            (71,145)               22,904
                                                          ---------             ---------

    Net income                                            $ 219,917             $ 399,557
                                                          =========             =========

Allocation of net income:
  General partner                                         $  29,760             $  30,941
  Limited partners                                          190,157               368,616
                                                          ---------             ---------

                                                          $ 219,917             $ 399,557
                                                          =========             =========

Limited partners' per unit share of net income            $    0.12             $    0.23
                                                          =========             =========
</TABLE>


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



                                       5
<PAGE>   6

                       CRONOS GLOBAL INCOME FUND XVI, L.P.

                            STATEMENTS OF CASH FLOWS

                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                          Three Months Ended
                                                                  -----------------------------------
                                                                   March 31,               March 31,
                                                                     2001                     2000
                                                                  -----------             -----------
<S>                                                               <C>                     <C>
Net cash provided by operating activities                         $   656,154             $    43,541

Cash flows provided by (used in) investing activities:
  Proceeds from disposal of equipment                                  21,741                  17,727
    Purchase of container rental equipment                                 --              (3,305,600)
                                                                  -----------             -----------
                                                                       21,741              (3,287,873)
                                                                  -----------             -----------

Cash flows (used in) provided by financing activities:
  Proceeds from the issuance of term debt                                  --               3,305,600
  Repayment of term debt                                             (210,150)                     --
  Distribution to partners                                           (673,545)               (673,544)
                                                                  -----------             -----------
                                                                     (883,695)              2,632,056
                                                                  -----------             -----------
Net decrease in cash and cash equivalents                            (205,800)               (612,276)


Cash and cash equivalents at January 1                              1,379,619               1,987,885
                                                                  -----------             -----------


Cash and cash equivalents at March 31                             $ 1,173,819             $ 1,375,609
                                                                  ===========             ===========
</TABLE>


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



                                       6
<PAGE>   7

                       CRONOS GLOBAL INCOME FUND XVI, L.P.

                     NOTES TO UNAUDITED FINANCIAL STATEMENTS


(1)     Summary of Significant Accounting Policies

        (a)     Nature of Operations

                Cronos Global Income Fund XVI, L.P. (the "Partnership") is a
                limited partnership organized under the laws of the State of
                California on September 1, 1995, for the purpose of owning and
                leasing marine cargo containers, special purpose containers and
                container related equipment worldwide to ocean carriers. To this
                extent, the Partnership's operations are subject to the
                fluctuations of world economic and political conditions. Such
                factors may affect the pattern and levels of world trade. The
                Partnership believes that the profitability of, and risks
                associated with, leases to foreign customers is generally the
                same as those of leases to domestic customers. The Partnership's
                leases generally require all payments to be made in United
                States currency.

                Cronos Capital Corp. ("CCC") is the general partner and, with
                its affiliate Cronos Containers Limited (the "Leasing Company"),
                manages the business of the Partnership. CCC and the Leasing
                Company also manage the container leasing business for other
                partnerships affiliated with the general partner. The
                Partnership shall continue until December 31, 2015, unless
                sooner terminated upon the occurrence of certain events.

                The Partnership commenced operations on March 29, 1996, when the
                minimum subscription proceeds of $2,000,000 were received from
                over 100 subscribers (excluding from such count Pennsylvania
                residents, the general partner, and all affiliates of the
                general partner). On February 3, 1997, CCC suspended the offer
                and sale of units in the Partnership. The offering terminated on
                December 27, 1997.

        (b)     Leasing Company and Leasing Agent Agreement

                The Partnership 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 and the Leasing Company. The
                Leasing Company leases containers to ocean carriers, generally
                under operating leases which are either master leases or term
                leases (mostly one 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, and
                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

                       CRONOS GLOBAL INCOME FUND XVI, L.P.

                     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 financial statements are prepared in conformity with
                accounting principles generally accepted in the United States
                (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. The results of operations for such interim
                periods are not necessarily indicative of the results to be
                expected for the full year.


(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, and reimbursed administrative expenses payable
        to CCC and its affiliates from the rental billings earned by the Leasing
        Company under operating leases to ocean carriers for the containers
        owned by the Partnership. Net lease receivables at March 31, 2001 and
        December 31, 2000 were as follows:

<TABLE>
<CAPTION>
                                                          March 31,         December 31,
                                                            2001                2000
                                                          --------          ------------
<S>                                                       <C>               <C>
Gross lease receivables                                   $865,487            $879,378
Less:
Direct operating payables and accrued expenses             323,216             307,566
Damage protection reserve                                   70,717              99,909
Base management fees payable                               110,143             119,286
Reimbursed administrative expenses                          38,926              49,538
Allowance for doubtful accounts                             42,013              40,616
                                                          --------            --------

Net lease receivables                                     $280,472            $262,463
                                                          ========            ========
</TABLE>


                                                                     (Continued)



                                       8
<PAGE>   9

                       CRONOS GLOBAL INCOME FUND XVI, L.P.

                     NOTES TO UNAUDITED FINANCIAL STATEMENTS


(3)     Net Lease Revenue

        Net lease revenue is determined by deducting direct operating expenses,
        base management fees and reimbursed administrative expenses to CCC and
        its affiliates from the rental revenue earned by the Leasing Company
        under operating leases to ocean carriers for the containers owned by the
        Partnership. Net lease revenue for each of the three-month periods ended
        March 31, 2001 and 2000 was as follows:

<TABLE>
<CAPTION>
                                                               Three Months Ended
                                                        --------------------------------
                                                         March 31,             March 31,
                                                           2001                  2000
                                                        ----------            ----------
         <S>                                            <C>                   <C>
         Rental revenue (note 4)                        $1,105,738            $1,123,818
         Less:
         Rental equipment operating expenses               186,310               175,068
         Base management fees                               76,669                77,503
         Reimbursed administrative expenses                 50,766                60,703
                                                        ----------            ----------

                                                        $  791,993            $  810,544
                                                        ==========            ==========
</TABLE>

(4)     Operating Segment

        The Financial Accounting Standards Board has issued SFAS No. 131,
        "Disclosures about Segments of an Enterprise and Related Information,"
        which changes the way public business enterprises report financial and
        descriptive information about reportable operating segments. An
        operating segment is a component of an enterprise that engages in
        business activities from which it may earn revenues and incur expenses,
        whose operating results are regularly reviewed by the enterprise's chief
        operating decision maker to make decisions about resources to be
        allocated to the segment and assess its performance, and about which
        separate financial information is available. Management operates the
        Partnership's container fleet as a homogenous unit and has determined,
        after considering the requirements of SFAS No. 131, that as such it has
        a single reportable operating segment.

        The Partnership derives its revenues from leasing marine cargo
        containers. As of March 31, 2001, the Partnership operated 4,489
        twenty-foot, 1,490 forty-foot and 1,747 forty-foot high-cube marine dry
        cargo containers, 89 twenty-foot and 299 forty-foot refrigerated cargo
        containers, and 52 twenty-four thousand-liter tanks. A summary of gross
        lease revenue, by product, for each of the three-month periods ended
        March 31, 2001 and 2000 follows:

<TABLE>
<CAPTION>
                                                   Three Months Ended
                                            --------------------------------
                                             March 31,             March 31,
                                               2001                  2000
                                            ----------            ----------
         <S>                                <C>                   <C>
         Dry cargo containers               $  725,607            $  737,971
         Refrigerated containers               345,451               345,220
         Tank containers                        34,680                40,627
                                            ----------            ----------

         Total                              $1,105,738            $1,123,818
                                            ==========            ==========
</TABLE>

        Due to the Partnership's lack of information regarding the physical
        location of its fleet of containers when on lease in the global shipping
        trade, it is impracticable to provide the geographic area information
        required by SFAS No. 131.



                                       9
<PAGE>   10

                       CRONOS GLOBAL INCOME FUND XVI, L.P.

                     NOTES TO UNAUDITED FINANCIAL STATEMENTS


(5)     Equipment Debt

        As of March 31, 2001, the Partnership's existing term loan debt was
        $4,413,150 plus estimated accrued interest of $26,000. On March 30,
        2000, the Partnership borrowed $5,043,600 under a term loan for the
        purpose of acquiring additional equipment. The loan will be repaid in 21
        remaining equal quarterly installments plus interest, through May 31,
        2006. Interest accrues at the rate of 1.75% above the LIBOR rate which
        is calculated on the first day of each quarterly interest period. Over
        the life of the loan, the interest rates ranged from 7.88% to 8.58%. The
        loan is secured by containers owned by the Partnership, as well as, any
        income generated in connection with the containers including lease
        revenue and sales proceeds. A restricted deposit of $750,000 is held in
        an account with the lender as additional collateral.

        As of March 31, 2001, the estimated fair value of the term loan debt was
        $4,111,044. The fair value of the term loan has been calculated using
        the market rates prevailing at April 30, 2001.


                                     ******



                                       10
<PAGE>   11

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, 2001 and
        December 31, 2000.

        At March 31, 2001, the Registrant had $1,173,819 in cash and cash
        equivalents, a decrease of $205,800 from the cash balances at December
        31, 2000. Contributing to this decline was the Registrants' results from
        operations, which were impacted by conditions created by the slowdown in
        the global economy.

        During the first quarter of 2001, cash from operations equivalent to
        $210,150 was used to repay principal on the Registrant's existing term
        loan debt. In addition to a restricted deposit of $750,000 held in an
        account with the lender as additional collateral, the Registrant has
        increased its working capital reserves by approximately $300,000,
        equivalent to one quarter's principal and interest payment.

        The Registrant's operating performance contributed to a 7% increase in
        net lease receivables at March 31, 2001 when compared to December 31,
        2000. The increase is primarily due to a decrease in reimbursable
        administrative expenses and the provision for damage protection reserve,
        partially offset by an increase in direct operating payables and accrued
        expenses.

        The Registrant's cash distribution from operations for the first quarter
        of 2001 was 8% (annualized) of the limited partners' original capital
        contributions, unchanged from the fourth quarter of 2000. These
        distributions are directly related to the Registrant's results from
        operations and may fluctuate accordingly.


2)      Material changes in the results of operations between the three-month
        periods ended March 31, 2001 and 2000.

        In the first quarter of 2001, the worldwide demand for containers was
        significantly impacted by the slowdown in the global economy. These
        conditions are reflected in the decline of the Registrant's utilization
        and per-diem rental rates from December 31, 2000 levels. The Leasing
        Company has implemented a number of marketing initiatives which are
        designed to target identified leasing opportunities and enhance
        inventory management.

        Net lease revenue for the three-month period ended March 31, 2001 was
        $791,993, a decrease of approximately 2% from the same three-month
        period in the prior year. Gross rental revenue (a component of net lease
        revenue) for the three-month period ended March 31, 2001 was $1,105,738,
        reflecting a decrease of 2% from the same three-month period in the
        prior year. Dry cargo container average per-diem rental rates for the
        three-month period ended March 31, 2001 declined approximately 3% when
        compared to the same three-month period in the prior year. Refrigerated
        container average per-diem rental rates for the three-month period ended
        March 31, 2001 remained unchanged when compared to the same period in
        the prior year. Tank container average per-diem rental rates for the
        three-month period ended March 31, 2001 declined 7% when compared to the
        same period in the prior year.


                                                                     (Continued)



                                       11
<PAGE>   12

        The Registrant's average fleet size and utilization rates for the
        three-month periods ended March 31, 2001 and 2000 were as follows:

<TABLE>
<CAPTION>
                                                                     Three Months Ended
                                                                -----------------------------
                                                                March 31,           March 31,
                                                                  2001                 2000
                                                                ---------           ---------
         <S>                                                    <C>                 <C>
         Average fleet size (measured in twenty-foot
            equivalent units (TEU))
               Dry cargo containers                               10,966                6,815
               Refrigerated containers                               687                  687
               Tank containers                                        52                   52
         Average utilization
               Dry cargo containers                                 76.3%                80.5%
               Refrigerated containers                              96.9%                95.6%
               Tank containers                                      66.3%                75.2%
</TABLE>

        Rental equipment operating expenses were 17% of the Registrant's gross
        lease revenue during the three-month period ended March 31, 2001, as
        compared to 16% during the same three-month period ended March 31, 2000.
        This increase was largely attributable to an increase in handling and
        storage costs associated with fluctuating utilization levels,
        substantially offset by the decreases in repair and maintenance expense
        and the provision for doubtful accounts. Interest expense of $89,245 was
        incurred in the first quarter of 2001 related to the Registrant's term
        loan obtained during 2000.


Item 3. Quantitative and Qualitative Disclosures About Market Risk

        Not applicable.



                                       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 December 28, 1995

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

             10        Form of Leasing Agent Agreement with Cronos                   ***
                       Containers Limited
</TABLE>


(b)     Reports on Form 8-K

        No reports on Form 8-K were filed by the Registrant during the quarter
        ended March 31, 2001.


----------

*       Incorporated by reference to Exhibit "A" to the Prospectus of the
        Registrant dated December 28, 1995, included as part of Registration
        Statement on Form S-1 (No. 33-98290)

**      Incorporated by reference to Exhibit 3.2 to the Registration Statement
        on Form S-1 (No. 33-98290)

***     Incorporated by reference to Exhibit 10.2 to the Registration Statement
        on Form S-1 (No. 33-98290)



                                       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.


                                       CRONOS GLOBAL INCOME FUND XVI, L.P.


                                       By  Cronos Capital Corp.
                                           The General Partner


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



                                       By  /s/ John Kallas
                                           -------------------------------------
                                           John Kallas
                                           Chief Financial Officer and Director
                                           of Cronos Capital Corp. ("CCC")
                                           Principal Financial and Accounting
                                           Officer of CCC


Date: May 15, 2001



                                       14
<PAGE>   15

                                  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 December 28, 1995

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

             10        Form of Leasing Agent Agreement with Cronos                   ***
                       Containers Limited
</TABLE>


----------

*       Incorporated by reference to Exhibit "A" to the Prospectus of the
        Registrant dated December 28, 1995, included as part of Registration
        Statement on Form S-1 (No. 33-98290)

**      Incorporated by reference to Exhibit 3.2 to the Registration Statement
        on Form S-1 (No. 33-98290)

***     Incorporated by reference to Exhibit 10.2 to the Registration Statement
        on Form S-1 (No. 33-98290)