##### 



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM 10-K

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

For the fiscal year ended December 31, 2002

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 0-23158

CRONOS GLOBAL INCOME FUND XIV, L.P.

(Exact name of registrant as specified in its charter)


|                                |  |                                     
|------------------------------- |  | ------------------------------------
|California                      |  | 94-3163375                          
|(State or other jurisdiction of |  | (I.R.S. Employer Identification No.)
|incorporation or organization)  |  |                                     

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

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

Securities registered pursuant to Section 12(b) of the Act:

|                    |  |                         
|------------------- |  | ------------------------
|                    |  | Name of each exchange on
|Title of each class |  | which registered        
|                    |  |                         

|               |  | 
|-------------- |  | 
|Not Applicable |  | 
|               |  | 

Securities registered pursuant to Section 12(g) of the Act:

UNITS OF LIMITED PARTNERSHIP INTERESTS

---

(Title of Class)


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  [  ].

Indicate by check mark if disclosure
of delinquent filers pursuant to Item 405 of Regulation S-K
(§229.405 of this chapter) is not
contained herein, and will not be contained, to the best of Registrants knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [X]

The aggregate market value of the voting stock held by non-affiliates of the
registrant is not applicable.

Documents incorporated by Reference



|Prospectus of Cronos Global Income Fund XIV, L.P., dated December 1, 1992
included as part of Registration Statement on Form S-1 (No. 33-51810)
|-----------------------------------------------------------------------------------------------------------------------------------------------





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##### 



IEA INCOME FUND IX,

Report on Form 10-K for the Fiscal Year
Ended December 31, 2002

TABLE OF CONTENTS

|                                                                                               |  |  |    |      |  | 
|---------------------------------------------------------------------------------------------- |  |  | -- | ---- |  | 
|                                                                                               |  |  |    | PAGE
|PART I                                                                                        
|Item 1  Description of Business                                                               |  |  | 3  |     
|Item 2  Properties                                                                            |  |  | 11 |     
|Item 3  Legal Proceedings                                                                     |  |  | 11 |     
|Item 4  Submission of Matters to a Vote of Security Holders                                   |  |  | 11 |     
|PART II                                                                                       
|Item 5  Market for the Registrant                                                             |  |  | 12 |     
|Item 6  Selected Financial Data                                                               |  |  | 13 |     
|Item 7  Managements Discussion and Analysis of Financial Condition and Results of Operations |  |  | 13 |     
|Item 7A Quantitative and Qualitative Disclosures About Market Risk                            |  |  | 17 |     
|Item 8  Financial Statements and Supplementary Data                                           |  |  | 17 |     
|Item 9  Changes in and Disagreements with Accountants on Accounting and Financial Disclosure  |  |  | 30 |     
|PART III                                                                                      
|Item 10  Directors and Executive Officers of the Registrant                                   |  |  | 31 |     
|Item 11  Executive Compensation                                                               |  |  | 33 |     
|Item 12  Security Ownership of Certain Beneficial Owners and Management                       |  |  | 34 |     
|Item 13  Certain Relationships and Related Transactions                                       |  |  | 34 |     
|Item 14  Controls and Procedures                                                              |  |  | 34 |     
|PART IV                                                                                       
|Item 15  Exhibits, Financial Statement Schedules, and Reports on Form 8-K                     |  |  | 35 |     

2



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PART I - FINANCIAL INFORMATION

Item 1. Business

(a)      General Development of Business

The Registrant is a limited partnership organized under the laws of the
State of California on July 30, 1992, for the purpose of owning and leasing
marine cargo containers, special purpose containers and container-related
equipment. The Registrant was initially capitalized with $100, and commenced
offering its limited partnership interests to the public subsequent to December
1, 1992, pursuant to its Registration Statement on Form S-1 (File No. 33-51810).
The Registrant had no securities holders as defined by the Securities and
Exchange Act of 1934 as of December 31, 1992. Additionally, the Registrant was
not engaged in any trade or business during the period covered by this report,
as the offering broke initial impound on January 29, 1993. The offering
terminated on November 30, 1993.

The Registrant raised $59,686,180 in subscription proceeds. The following
table sets forth the use of said subscription proceeds:

|                                     |                                    |   |            |           |                |  |               |      |  
|------------------------------------ | ---------------------------------- | - | ---------- | --------- | -------------- |  | ------------- | ---- | -
|                                     |                                    |   |            |           |                |  | Percentage of
|                                     |                                    |   | Amount     |           | Gross Proceeds
|                                     |                                    |   |            |           |               
|Gross Subscription Proceeds          |                                    | $ | 59,686,180 |           |                |  | 100.0         | %   
|Public Offering Expenses:            |                                    |   |            |           |                |  |               |     
|                                     | Underwriting Commissions           |   | $          | 5,968,618 |                |  |               | 10.0 | %
|                                     | Offering and Organization Expenses |   | $          | 1,387,438 |                |  |               | 2.3  | %
|                                     |                                    |   |            |           |                |  |               |      |  
|                                     | Total Public Offering Expenses     |   | $          | 7,356,056 |                |  |               | 12.3 | %
|                                     |                                    |   |            |           |                |  |               |      |  
|Net Proceeds                         |                                    | $ | 52,330,124 |           |                |  | 87.7          | %   
|Acquisition Fees                     |                                    | $ | 1,014,344  |           |                |  | 1.7           | %   
|Working Capital Reserve              |                                    | $ | 598,566    |           |                |  | 1.0           | %   
|                                     |                                    |   |            |           |                |  |               |      |  
|Gross Proceeds Invested in Equipment |                                    | $ | 50,717,214 |           |                |  | 85.0          | %   
|                                     |                                    |   |            |           |                |  |               |      |  

The general partner of the Registrant is Cronos Capital Corp. (CCC), a
wholly-owned subsidiary of Cronos Holdings/Investments (U.S.), Inc., a Delaware
corporation. These and other affiliated companies are ultimately wholly-owned by
The Cronos Group, a holding company registered in Luxembourg (the Parent
Company) and are collectively referred to as the Group. The activities of the
container division of the Group are managed through the Groups subsidiary in
the United Kingdom, Cronos Containers Limited (the Leasing Company). The
Leasing Company manages the leasing operations of all equipment owned by the
Group on its behalf or managed on behalf of other third-party container owners,
including all programs organized by CCC.

On December 1, 1992, the Leasing Company entered into a Leasing Agent
Agreement with the Registrant assuming the responsibility for all container
leasing activities.

For a discussion of recent developments in the Registrants business, see
Item 7, Managements Discussion and Analysis of Financial Condition and Result
of Operations.

For information concerning the containers acquired by the Registrant, see
Item 2, Properties.

3



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##### 



(b)      Financial Information About 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. The Leasing Companys management operates the Registrants container
fleet as a homogenous unit and has determined that as such it has a single
reportable operating segment.

The Registrant derives revenues from dry cargo containers and refrigerated
containers. As of December 31, 2002, the Registrant operated 7,307 twenty-foot,
3,083 forty-foot and 195 forty-foot high-cube marine dry cargo containers, as
well as 496 twenty-foot and 226 forty-foot marine refrigerated cargo containers.
A summary of gross lease revenue earned by the Leasing Company, on behalf of the
Registrant, by product, for the years ended December 31, 2002, 2001 and 2000
follows:

|                        |  |      |           |      |  |      |           |  |  |   |           | 
|----------------------- |  | ---- | --------- | ---- |  | ---- | --------- |  |  | - | --------- | 
|                        |  | 2002 |           | 2001 |  | 2000
|                        |  |      |           |      |  |     
|Dry cargo containers    |  | $    | 3,083,465 |      |  | $    | 3,595,116 |  |  | $ | 4,446,638 | 
|Refrigerated containers |  |      | 1,375,452 |      |  |      | 1,824,276 |  |  |   | 2,219,629 | 
|                        |  |      |           |      |  |      |           |  |  |   |           | 
|Total                   |  | $    | 4,458,917 |      |  | $    | 5,419,392 |  |  | $ | 6,666,267 | 
|                        |  |      |           |      |  |      |           |  |  |   |           | 

Due to the Registrant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. Any attempt to
separate foreign operations from domestic operations would be dependent on
definitions and assumptions that are so subjective as to render the information
meaningless and potentially misleading.

One sub-lessee of the Leasing Company, Mediterranean Shipping Company S.A.
(MSC), generated approximately 15% or $822,957 of the Leasing Companys rental
revenue earned on behalf of the Registrant during 2002. One sub-lessee of the
Leasing Company, MSC, contributed approximately 16% or $904,779 of the Leasing
Companys rental revenue earned on behalf of the Registrant during 2001. One
sub-lessee of the Leasing Company, MSC, contributed approximately 13% of the
Registrants rental revenue billings earned during 2000.

(c)      Narrative Description of Business

(c)(1)(i) A marine cargo container is a reusable metal container designed
for the efficient carriage of cargo with a minimum of exposure to loss from
damage or theft. Containers are manufactured to conform to worldwide standards
of container dimensions and container ship fittings adopted by the International
Standards Organization (ISO) in 1968. The standard
container is either 20'
long x 8'; wide x 8'6" high (one twenty-foot equivalent unit (TEU), the
standard unit of physical measurement in the container industry) or
40' long x
8' wide x 8'6" high (two TEU). Standardization of the construction, maintenance
and handling of containers allows containers to be picked up, dropped off,
stored and repaired efficiently throughout the world. This standardization is
the foundation on which the container industry has developed.

Standard dry cargo containers are rectangular boxes with no moving parts,
other than doors, and are typically made of steel. They are constructed to carry
a wide variety of cargoes ranging from heavy industrial raw materials to
light-weight finished goods. Specialized containers, such as refrigerated and
tank containers are utilized for the transport of temperature-sensitive goods
and for the carriage of liquid cargo. Cellular palletwide containers (CPCs)
provide shipping lines with a container with extra width for the carriage of
unitized or palletized cargoes. Dry cargo containers currently constitute
approximately 88% (in TEU) of the worldwide container fleet. Refrigerated and
tank containers currently constitute approximately 5% (in TEU) of the worldwide
container fleet, with open-tops and other specialized containers constituting
the remaining 7%.

One of the primary benefits of containerization has been the ability of the
shipping industry to effectively lower freight rates due to the efficiencies
created by standardized intermodal containers. Containers can be handled much
more efficiently than loose cargo and are typically shipped via several modes of
transportation, including truck, rail and ship. Containers require loading and
unloading only once and remain sealed until arrival at the final destination,
significantly reducing transport time, labor and handling costs and losses due
to damage and theft. Efficient movement of containerized cargo between ship and
shore reduces the amount of time that a ship must spend in port and reduces the
transit time of freight moves.

4



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The logistical advantages and reduced freight rates brought about by
containerization have been major catalysts for world trade growth since the late
1960s, resulting in an increased demand for containers. The worlds container
fleet has grown from an estimated 270,000 TEU in 1969 to approximately 16
million TEU by the end of 2002.

The container leasing business is cyclical, and depends largely upon the
rate of growth in the volume of world trade. The container leasing industry has
experienced cyclical downturns during the last sixteen years.

Benefits of Leasing

Leasing companies own approximately 44% of the worlds container fleet with
the balance owned predominantly by shipping lines. Shipping lines, which
traditionally operate on tight profit margins, often supplement their owned
fleet of containers by leasing a portion of their equipment from container
leasing companies and, in doing so, achieve the following financial and
operational benefits:



| |  |  | Leasing allows the shipping lines to utilize the equipment they need without having to make large capital
expenditures;                                                       
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |  |  | Leasing offers a shipping line an alternative source of financing in a traditionally capital-intensive industry;                                                              
|
| |  |  | Leasing enables shipping lines to expand their routes and market
shares at a relatively inexpensive cost without making a permanent
commitment to support their new structure;
|
| |  |  | Leasing allows shipping lines to respond to changing seasonal and
trade route demands, thereby optimizing their capital investment and
storage costs.                         

Types of Leases

On behalf of the Registrant, the Leasing Company leases the Registrants
containers primarily to shipping lines operating in major trade routes (see Item
1(d)). Most if not all of the Registrants marine dry cargo containers are
leased pursuant to operating leases, whereby the containers are leased to the
ocean carrier on a daily basis for any desired length of time, with the
flexibility of picking up and dropping off containers at various agreed upon
locations around the world. Some of the Registrants containers may be leased
pursuant to term leases, which may have durations of one to five years.
Specialized containers are generally leased on longer-term leases because the
higher cost, value and complexity of this equipment makes it more expensive to
redeliver and lease out.



| |  |  | Master lease. Master leases are short-term leases under which a
customer reserves the right to lease a certain number of containers, as
needed under a general agreement between the lessor and the lessee. Such
leases provide customers with greater flexibility by allowing customers
to pick up and drop off containers where and when needed, subject to
restrictions and availability, on pre-agreed terms. The commercial terms
of master leases are usually negotiated annually. Master leases also
define the number of containers that may be returned within each calendar
month, the return locations and applicable drop-off charges. Due to the
increased flexibility they offer, master leases usually command higher
per-diem rates and generate more ancillary fees (including pick-up,
drop-off, handling and off-hire fees) than term leases. Master lease
agreements have a duration of less than one year and include one-way,
repositioning and round-trip leases. Ocean carriers generally use one-way
leases to manage trade imbalances (where more containerized cargo moves
in one direction than another) by picking up a container in one port and
dropping it off at another location after one or more legs of a voyage.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |  |  | Term lease. Term leases are for a fixed period of time and include
both long and short-term commitments, with most extending from three to
five years. Term lease agreements may contain early termination penalties
that apply in the event of early redelivery. In most cases, however,
equipment is not returned prior to the expiration of the lease. Term
leases provide greater revenue stability to the lessor, but at lower
lease rates than master leases. Ocean carriers use long-term leases when
they have a need for identified containers for a specified term. They
differ from master leases in that they define the number of containers to
be leased and the lease term.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            

5



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The percentage of equipment on term leases as compared to master leases
varies widely among leasing companies, depending upon each companys strategy or
margins, operating costs and cash flows.

Lease rates depend on several factors including the type of lease, length of
term, maintenance provided, type and age of the equipment, location and
availability, and market conditions.

The terms and conditions of the Leasing Companys leases provide that
customers are responsible for paying all taxes and service charges arising from
container use, maintaining the containers in good and safe operating condition
while on lease and paying for repairs, excluding ordinary wear and tear, upon
redelivery. Some leases provide for a damage protection plan whereby lessees,
for an additional payment (which may be in the form of a higher per-diem rate),
are relieved of the responsibility of paying some of the repair costs upon
redelivery of the containers. The Leasing Company provides this service to
selected customers. Repairs provided under such plans are carried out by the
same depots, under the same procedures, as are repairs to containers not covered
by such plans. Customers also are required to insure leased containers against
physical damage and loss, and against third party liability for loss, damage,
bodily injury or death.

Customers

The Registrant is not dependent upon any particular sub-lessee or group of
sub-lessees of the Leasing Company. Only one sub-lessee accounted for more than
10% of the Leasing Companys rental revenue earned on behalf of the Registrant.
This sub-lessee, MSC, generated approximately 15% or $822,957 of the Leasing
Companys rental revenue earned during 2002 on behalf of the Registrant. MSC is
a private company located in Switzerland and is ranked as the second largest
container liner operator in the world. Substantially all of the customers of the
Leasing Company are billed and pay in United States dollars.

The Leasing Company sets maximum credit limits for the Registrants
customers, limiting the number of containers leased to each according to
established credit criteria. The Leasing Company continually tracks its credit
exposure to each customer. The Leasing Companys credit committee meets
quarterly to analyze the performance of the Registrants customers and to
recommend actions to be taken in order to minimize credit risks. The Leasing
Company uses specialist third party credit information services and reports
prepared by local staff to assess credit applications.

The Registrant may be subject to unexpected loss in rental revenue from
lessees of its containers that default under their container lease agreements
with the Leasing Company. The Registrant and Leasing Company maintain insurance
against loss or damage to the containers, loss of lease revenue in certain cases
and costs of container recovery and repair in the event that a customer declares
bankruptcy.

Fleet Profile

The Registrant acquired high-quality dry cargo containers manufactured to
specifications that exceed ISO standards and are designed to minimize repair and
operating costs.

Dry cargo containers are the most commonly used type of container in the
shipping industry. The Registrants dry cargo container fleet is constructed of
all Corten® steel (i.e., Corten®roofs, walls, doors and
undercarriage), which is a high-tensile steel yielding greater damage and
corrosion resistance than mild steel.

Refrigerated containers are used to transport temperature-sensitive
products, such as meat, fruit, vegetables and photographic film. All of the
Registrants refrigerated containers have high-grade stainless steel interiors.
The majority of the Registrants 20-foot refrigerated containers have high-grade
stainless steel walls, while most of the Registrants 40-foot refrigerated
containers are steel framed with aluminum outer walls to reduce weight. As with
the dry cargo containers, all refrigerated containers are designed to minimize
repair and maintenance and maximize damage resistance.

The Registrant purchased its dry cargo containers from manufacturers in
China, Korea, Indonesia, Thailand, and India. The Registrants refrigerated
containers were purchased mainly from Korean manufacturers. The majority of its
refrigeration units were purchased from Carrier Transicold, the primary
container refrigeration unit supplier in the United States.

6



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As of December 31, 2002, the Registrant owned 7,307 twenty-foot, 3,083
forty-foot and 195 forty-foot high-cube marine dry cargo containers, as well as
496 twenty-foot and 226 forty-foot marine refrigerated cargo containers. The
following table sets forth the number of containers on lease, by container type
and lease type as of December 31, 2002:

|                                        |               |                |  |                     |       | 
|--------------------------------------- | ------------- | -------------- |  | ------------------- | ----- | 
|                                        |               |                |  | Number of          
|                                        |               |                |  | Containers on Lease
|                                        |               |                |  |                    
|20-Foot Dry Cargo Containers:           |               |                |  |                    
|                                        | Term Leases   |                |  | 3,052               |      
|                                        | Master Leases |                |  | 3,036               |      
|                                        |               |                |  |                     |       | 
|                                        |               | Total on lease |  |                     | 6,088 | 
|                                        |               |                |  |                     |       | 
|40-Foot Dry Cargo Containers:           |               |                |  |                    
|                                        | Term Leases   |                |  | 1,232               |      
|                                        | Master Leases |                |  | 1,120               |      
|                                        |               |                |  |                     |       | 
|                                        |               | Total on lease |  |                     | 2,352 | 
|                                        |               |                |  |                     |       | 
|40-Foot High-Cube Dry Cargo Containers: |               |                |  |                    
|                                        | Term Leases   |                |  | 61                  |      
|                                        | Master Leases |                |  | 107                 |      
|                                        |               |                |  |                     |       | 
|                                        |               | Total on lease |  |                     | 168   | 
|                                        |               |                |  |                     |       | 
|20-Foot Refrigerated Cargo Containers:  |               |                |  |                    
|                                        | Term Leases   |                |  | 233                 |      
|                                        | Master Leases |                |  | 185                 |      
|                                        |               |                |  |                     |       | 
|                                        |               | Total on lease |  |                     | 418   | 
|                                        |               |                |  |                     |       | 
|40-Foot Refrigerated Cargo Containers:  |               |                |  |                    
|                                        | Term Leases   |                |  | 121                 |      
|                                        | Master Leases |                |  | 39                  |      
|                                        |               |                |  |                     |       | 
|                                        |               | Total on lease |  |                     | 160   | 
|                                        |               |                |  |                     |       | 

The Leasing Company makes payments to the Registrant based upon rentals
collected from customers after deducting certain operating expenses associated
with the containers, such as the base management fee payable to the Leasing
Company, certain expense reimbursements payable to CCC and the Leasing Company,
the costs of maintenance and repairs not performed by lessees, independent agent
fees and expenses, depot expenses for handling, inspection and storage, and
additional insurance.

Repair and Maintenance

All containers are inspected and repaired when redelivered by customers, who
are obligated to pay for all damage repair, excluding wear and tear, according
to standardized industry guidelines. Some customers are relieved of the
responsibility of paying some repair costs upon redelivery of containers, as
described under Description of Business  Lease Profile. Depots in major port
areas perform repair and maintenance that is verified by either independent
surveyors or the Leasing Companys technical and operations staff.

Before any repair or refurbishment is authorized on older containers in the
Registrants fleet, the Leasing Companys technical and operations staff reviews
the age, condition and type of container, and its suitability for continued
leasing. The Leasing Company compares the cost of such repair or refurbishment
with the prevailing market resale price that might be obtained for that
container and makes the appropriate decision whether to repair or sell the
container. The Leasing Company is authorized to make this decision on behalf of
the Registrant and makes this decision by applying the same standards to the
Registrants containers as to its own containers.

7



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Disposition of Used Containers

The Leasing Company estimates that the period for which a container may be
used as a leased marine cargo container ranges from 12 to 15 years. On behalf of
the Registrant, the Leasing Company disposes of used containers in a worldwide
market in which buyers include wholesalers, mini-storage operations,
construction companies and others. Although a used refrigerated container will
command a higher price than a used dry cargo container, a dry cargo container
will achieve a higher percentage of its original price. The market for used
containers generally depends on new container prices, the quantity of containers
targeted for disposal and the overall lease market for containers at a
particular location. As the Registrants fleet ages, a larger proportion of its
revenue and cash flow may be derived from selling its containers.

Operations

The Registrants sales and marketing operations are conducted through the
Leasing Company in the United Kingdom, with support provided by area offices and
dedicated agents located in San Francisco; New Jersey; Antwerp; Genoa;
Gothenburg; Hamburg; Singapore; Hong Kong; Sydney; Tokyo; Taipei; Seoul; Rio de
Janeiro; Shanghai and Madras.

The Leasing Company also maintains agency relationships with approximately
20 independent agents around the world, who are generally paid a commission

based upon the amount of revenues generated in the region or the number of
containers that are leased from their area. The agents are located in
jurisdictions where the volume of the Leasing Companys business necessitates a
presence in the area but is not sufficient to justify a fully-functioning
Leasing Company office or dedicated agent. Agents provide marketing support to
the area offices covering the region, together with limited operational support.

In addition, the Leasing Company relies on the services of approximately 300
independently-owned and operated depots around the world to inspect, repair,
maintain and store containers while off-hire. The Leasing Companys area offices
authorize all container movements into and out of the depot and supervise all
repairs and maintenance performed by the depot. The Leasing Companys technical
staff sets the standards for repair of its owned and managed fleet throughout
the world and monitors the quality of depot repair work. The depots provide a
vital link to the Leasing Companys operations, as the redelivery of a container
into a depot is the point at which the container is off-hired from one customer
and repaired in preparation for re-leasing to the next customer.

The Leasing Companys global network is integrated with its computer system
and provides 24-hour communication between offices, agents and depots. The
system allows the Leasing Company to manage and control the Registrants fleet
on a global basis, providing it with the responsiveness and flexibility
necessary to service the master lease market effectively. This system is an
integral part of the Leasing Companys service, as it processes information
received from the various offices, generates billings to the Leasing Companys
lessees and produces a wide range of reports on all aspects of the Leasing
Companys leasing activities. The system records the life history of each
container, including the length of time on and off lease and repair costs, as
well as port activity trends, leasing activity and equipment data per customer.
The operations and marketing data is fully interfaced with the finance and
accounting system to provide revenue, cost and asset information to management
and staff around the world.

Insurance

The Leasing Companys lease agreements typically require lessees to obtain
insurance to cover all risks of physical damage and loss of the equipment under
lease, as well as public liability and property damage insurance. However, the
precise nature and amount of the insurance carried by each ocean carrier varies
from lessee to lessee. In addition, the Registrant has purchased secondary
insurance effective in the event that a lessee fails to have adequate primary
coverage. This insurance covers liability arising out of bodily injury and/or
property damage as a result of the ownership and operation of the containers, as
well as insurance against loss or damage to the containers, loss of lease
revenue in certain cases and cost of container recovery and repair in the event
that a customer goes into bankruptcy. The Registrant believes that the nature
and the amounts of its insurance are customary in the container leasing industry
and subject to standard industry deductions and exclusions.

(c)(1)(ii)    Inapplicable.

(c)(1)(iii)   Inapplicable.

(c)(1)(iv)   Inapplicable.

8



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(c)(1)(v)    The Registrants containers are leased globally; therefore,
seasonal fluctuations are minimal. Other economic and business factors to which
the transportation industry in general and the container leasing industry in
particular are subject, include fluctuations in general business conditions and
fluctuations in supply and demand for equipment resulting from, among other
things, obsolescence, changes in the methods or economics of a particular mode
of transportation or changes in governmental regulations or safety standards.

(c)(1)(vi)   The Registrant established an initial working capital reserve of
approximately 1% of subscription proceeds raised. In addition, the Registrant
may reserve additional amounts from anticipated cash distributions to the
partners to meet working capital requirements.

Amounts due under master leases are calculated at the end of each month and
billed approximately six to eight days thereafter. Amounts due under short-term
and long-term leases are set forth in the respective lease agreements and are
generally payable monthly. However, payment is normally received within 45-100
days of billing. Past due penalties are not customarily collected from lessees
and, accordingly, are not generally levied by the Leasing Company against
lessees of the Registrants containers.

(c)(1)(vii)  For the year ended December 31, 2002, one sub-lessee of the
Leasing Company, MSC, accounted for approximately 15% or $822,957 of the Leasing
Companys rental revenue earned on behalf of the Registrant. The Registrant does
not believe that its ongoing business is dependent upon a single customer,
although the loss of one or more of its largest customers could have an adverse
effect upon its business.

(c)(1)(viii) Inapplicable.

(c)(1)(ix)   Inapplicable.

(c)(1)(x)    Competition among container leasing companies is based upon
several factors, including the location and availability of inventory, lease
rates, the type, quality and condition of the containers, the quality and
flexibility of the service offered and the professional relationship between the
customer and the lessor. Other factors include the speed with which a leasing
company can prepare its containers for lease and the ease with which a lessee
believes it can do business with a lessor or its local area office. Not all
container leasing companies compete in the same market, as some supply only dry
cargo containers and not specialized containers. In addition to dry cargo
containers, refrigerated containers and tanks, the Leasing Company supplies a
wide range of dry freight special containers.

The Leasing Company, on behalf of the Registrant, competes with various
container leasing companies in the markets in which it conducts business.
including Transamerica Leasing, GE Seaco, Triton Container International Ltd.,
Textainer Group and others. Mergers and acquisitions have been a feature of the
container leasing industry for over a decade and the leasing market is
essentially comprised of three distinct groups: the very large (in TEU terms)
market leaders, GE SeaCo, Textainer Group, Transamerica Leasing, Triton
Container International Ltd., and Interpool Inc., who between them, with fleets
of around 1 million TEU each in mid-2002, control approximately of two thirds of
the total leased fleet; a middle tier of companies possessing fleets in the
200,000 to 500,000 TEU range; and the smaller more specialized fleet operators.
In recent years, several major leasing companies, as well as numerous smaller
ones, have been acquired by competitors. The Leasing Company believes that the
current trend toward consolidation in the container leasing industry will
continue, up to a point. There appears to be an upper limit to the size of the
optimum fleet, beyond which dis-economies of scale and/or barriers against
further market share development become apparent. Furthermore, ocean carriers
have a tendency to support a number of lessors simultaneously in order to
maximize competition and increase the number of available locations for
redelivery of containers. Economies of scale, worldwide operations, diversity,
size of fleet and financial strength are increasingly important to the
successful operation of a container leasing business. Additionally, as
containerization continues to grow, and regions such as China, South America and
the Indian sub-continent generate an increasing volume of containerized cargo,
customers may demand more flexibility from leasing companies regarding per-diem
rates, pick-up and drop-off locations, and the availability of containers.

In recent years, the Leasing Company and other lessors have developed
certain internet-based applications. For the Leasing Company, these applications
allow customers access to make on-line product inquiries. The Leasing Company is
continuing to develop this side of its business and will introduce other
internet options in the future, as soon as suitable applications are identified.

9



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##### 



Some of the Leasing Companys competitors with larger fleets have greater
financial resources than the Leasing Company and may be more capable of offering
lower per diem rates on a larger fleet. In the Leasing Companys experience,
however, ocean carriers will generally lease containers from more than one
leasing company in order to minimize dependence on a single supplier.
Furthermore, by having as many suppliers as possible, the carrier is able to
maximize the number of off-hires and off-hire locations available, as typically
each supplier may limit the number of containers that can be off-hired by
location. The advantage to the carrier is that this prevents the carrier from
being burdened with an excess number of off-hired containers, which incur both
storage and per diem charges, in a low demand market.

(c)(1)(xi)   Inapplicable.

(c)(1)(xii) Environmental Matters

Countries that are signatories to the Montreal Protocol on the environment
agreed in November 1992 to restrict the use of environmentally destructive
refrigerants, banning production (but not use) of refrigerant gases that are
chlorofluorocarbon compounds (CFCs) beginning in January 1996. CFCs are used
in the operation, insulation and manufacture of refrigerated containers. The
environmental impact of CFCs has become increasingly prominent. On January 1,
2001, it became illegal for environmentally-destructive refrigerants to be
handled, other than for disposal, in most member countries of the European
Union. In the second quarter of 2001, the Leasing Company conducted a review of
the Registrants refrigerated container equipment, which resulted in the
recording of impairment charges on those containers using a CFC refrigerant,
affecting both containers on and off-hire. The Leasing Company has implemented a
disposal program for the Registrants impaired, refrigerated containers. This
program has targeted the off-hire containers for immediate disposal. Those that
are currently on lease will be disposed of when redelivered and off-hired by the
lessee. These impaired, refrigerated containers may command lower prices in the
used container market.

In the past, the Leasing Company has retrofitted certain refrigerated
containers with non-CFC refrigerants. The Leasing Company has decided not to
retrofit any containers owned by the Registrant. In the unlikely event that
retrofitting expenses should be required, the Registrant believes they would not
be material to its results of operations.

(c)(1)(xiii) The Registrant, as a limited partnership, is managed by CCC,
the general partner, and accordingly does not itself have any employees. At
February 28, 2003, CCC had 11 employees, consisting of 3 officers, 5 other
managers and 3 clerical and staff personnel.

(d)      Financial Information About Geographic Areas

The Registrants business is not divided between foreign or domestic
operations. The Registrants business is the leasing of containers worldwide to
ocean carriers. To this extent, the Registrant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 Registrant 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 Leasing Companys leases generally require all payments
to be made in United States currency.

10



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##### 



Item 2. Properties

As of December 31, 2002, the Registrant owned 7,307 twenty-foot, 3,083
forty-foot and 195 forty-foot high-cube marine dry cargo containers, as well as
496 twenty-foot and 226 forty-foot refrigerated cargo containers, suitable for
transporting cargo by rail, sea or highway. The average age, manufacturers
invoice cost and estimated useful life of the Registrants containers as of
December 31, 2002 were as follows:

|                                       |  |             |  |             |  |              |        |  |  |  |  | 
|-------------------------------------- |  | ----------- |  | ----------- |  | ------------ | ------ |  |  |  |  | 
|                                       |  | Estimated   |  |             |  |              |        |  |  | 
|                                       |  | Useful Life |  | Average Age |  | Average Cost
|                                       |  |             |  |             |  |             
|20-Foot Dry Cargo Containers           |  | 12-15 years |  | 10 years    |  | $            | 2,456  | 
|40-Foot Dry Cargo Containers           |  | 12-15 years |  | 10 years    |  | $            | 4,159  | 
|40-Foot High-Cube Dry Cargo Containers |  | 12-15 years |  | 6 years     |  | $            | 3,573  | 
|20-Foot Refrigerated Cargo Containers  |  | 12-15 years |  | 9 years     |  | $            | 17,676 | 
|40-Foot Refrigerated Cargo Containers  |  | 12-15 years |  | 10 years    |  | $            | 18,841 | 

Utilization by lessees of the Registrants containers fluctuates over time
depending on the supply of and demand for containers in the Registrants
inventory locations. During 2002, utilization of the dry cargo and refrigerated
container fleet averaged 74% and 75%, respectively.

During 2002, the Registrant disposed of 836 twenty-foot, 352 forty-foot and
16 forty-foot high-cube marine dry cargo containers, as well as 6 twenty-foot
and 47 forty-foot refrigerated cargo containers at an average net loss on
disposal of $627 per container.

The Registrant embarked on a refrigerated reshell program during 2000,
whereby certain forty-foot refrigerated cargo containers considered to no longer
be suitable for leasing were converted to twenty-foot refrigerated containers.
The reshelling involved the removal of the existing machinery from the
forty-foot refrigerated containers and reassembling the machinery with new
twenty-foot refrigerated container shells. During 2001 and 2000, approximately
$122,000 and $106,000, respectively, were paid to Cronos Equipment (Bermuda)
Ltd., an affiliate of CCC and the Leasing Company, in association with the
reshelling of 27 and 23 forty-foot refrigerated containers during 2001 and 2000,
respectively. These amounts included the cost of the new twenty-foot
refrigerated container shells, as well as miscellaneous transportation costs.
The reshell program expired at the end of 2001.

Item 3. Legal

Inapplicable.

Item 4. Submission of Matters to a Vote of Security Holders

Inapplicable.

11



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PART II

Item 5. Market for Registrants Common Equity and Related Stockholder Matters

(a)       Market Information

|            |  |                                                                                                                                                                         |  |                        
|----------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -----------------------
|(a)(1)(i)   |  | The Registrants outstanding units of limited partnership
interests are not traded on any market nor does an established public trading
market exist for such purposes.
|            |  |                                                                                                                                                                         |  |                        
|(a)(1)(ii)  |  | Inapplicable.                                                                                                                                                           |  |                        
|            |  |                                                                                                                                                                         |  |                        
|(a)(1)(iii) |  | Inapplicable.                                                                                                                                                           |  |                        
|            |  |                                                                                                                                                                         |  |                        
|(a)(1)(iv)  |  | Inapplicable.                                                                                                                                                           |  |                        
|            |  |                                                                                                                                                                         |  |                        
|(a)(1)(v)   |  | Inapplicable.                                                                                                                                                           |  |                        
|            |  |                                                                                                                                                                         |  |                        
|(a)(2)      |  | Inapplicable.                                                                                                                                                           |  |                        
|            |  |                                                                                                                                                                         |  |                        
|(b)         |  | Holders                                                                                                                                                                 |  |                        
|            |  |                                                                                                                                                                         |  |                        
|            |  |                                                                                                                                                                         |  | Number of Unit Holders 
|(b)(1)      |  | Title of Class                                                                                                                                                          |  | as of December 31, 2002
|            |  |                                                                                                                                                                         |  |                        
|            |  | Units of limited partnership
interests                                                                                                                                  |  | 4,099                  

(c)      Dividends

Inapplicable. For the distributions made by the Registrant to its limited partners, see Item 6, Selected Financial Data.

12



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Item 6. Selected Financial Data

|                                                            |  |                         |            |      |  |      |            |      |  |      |            |  |  |   |            |  |  |   |            | 
|----------------------------------------------------------- |  | ----------------------- | ---------- | ---- |  | ---- | ---------- | ---- |  | ---- | ---------- |  |  | - | ---------- |  |  | - | ---------- | 
|                                                            |  | Year Ended December 31,
|                                                            |  |                        
|                                                            |  | 2002                    |            | 2001 |  | 2000 |            | 1999 |  | 1998
|                                                            |  |                         |            |      |  |      |            |      |  |     
|Net lease revenue                                           |  | $                       | 2,626,409  |      |  | $    | 3,141,175  |      |  | $    | 4,332,091  |  |  | $ | 4,011,372  |  |  | $ | 4,826,207  | 
|Net (loss) income                                           |  | $                       | (986,224   | )    |  | $    | (2,585,671 | )    |  | $    | 1,025,096  |  |  | $ | 878,989    |  |  | $ | 1,740,032  | 
|Net (loss) income per unit of
limited partnership interest  |  | $                       | (0.33      | )    |  | $    | (0.90      | )    |  | $    | 0.29       |  |  | $ | 0.23       |  |  | $ | 0.50       | 
|Cash distributions per unit of
limited partnership interest |  | $                       | 1.01       |      |  | $    | 1.15       |      |  | $    | 1.32       |  |  | $ | 1.40       |  |  | $ | 1.57       | 
|At year-end:                                                |  |                         |            |      |  |      |            |      |  |      |            |  |  |   |            |  |  |   |            | 
|Total assets                                                |  | $                       | 21,989,754 |      |  | $    | 26,124,364 |      |  | $    | 32,306,756 |  |  | $ | 35,409,876 |  |  | $ | 38,928,811 | 
|Partners capital                                           |  | $                       | 21,989,754 |      |  | $    | 26,124,364 |      |  | $    | 32,306,756 |  |  | $ | 35,409,876 |  |  | $ | 38,928,811 | 



---

Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations

Liquidity and Capital Resources

The Registrants primary objective is to generate cash flow from operations
for distribution to its limited partners and, during the initial years of
operation, reinvest excess cash flow in additional equipment. Aside from the
initial working capital reserve retained from gross subscription proceeds (equal
to approximately 1% of such proceeds), the Registrant relies primarily on
container rental receipts to meet this objective as well as to finance operating
needs. No credit lines are maintained to finance working capital.

Cash distributions from operations are allocated 5% to the general partner
and 95% to the limited partners. Distributions of sales proceeds are allocated
1% to the general partner and 99% to the limited partners. This sharing
arrangement will remain in place until the limited partners have received
aggregate distributions in an amount equal to their capital contributions plus
an 8% cumulative, compounded (daily) annual return on their adjusted capital
contributions. Thereafter, all distributions will be allocated 15% to the
general partner and 85% to the limited partners, pursuant to Section 6.1(b) of
the Registrants Partnership Agreement. Cash distributions from operations to
the general partner in excess of 5% of distributable cash will be considered an
incentive fee and compensation to the general partner.

From inception through February 28, 2003, the Registrant has distributed
$44,197,811 in cash from operations and $1,417,546 in cash from container sales
proceeds to its limited partners. This represents total distributions of
$45,615,357, or 76% of the limited partners original invested capital.
Distributions are paid monthly based primarily on each quarters cash flow from
operations. Monthly distributions are also affected by periodic increases or
decreases to working capital reserves, as deemed appropriate by the general
partner. Sales proceeds distributed to its partners may fluctuate in subsequent
periods, reflecting the level of container disposals.

At December 31, 2002, the Registrant had $2,142,650 in cash and cash
equivalents, an increase of $522,296 and $436,317 from the cash balances at
December 31, 2001 and 2002, respectively. The Registrant invests its working
capital, as well as cash flows from operations and the sale of containers that
have not yet been distributed to CCC or its limited partners in money market
funds.

Cash from Operating Activities:Net cash provided by operating activities
was $2,529,650 and $3,248,298 during 2002 and 2001, respectively, primarily
generated from the billing and collection of net lease revenue.

13



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##### 



Cash from Investing Activities:Net cash provided by investing activities
was $1,141,032 and $262,444 in 2002 and 2001, respectively. Cash provided by
investing activities during 2002 represent sales proceeds generated from the
sale of rental equipment. During 2001, cash provided by investing activities
included $384,460 in proceeds generated from the sale of rental equipment, and
cash expenditures of $122,016, resulting from the reshelling of refrigerated
containers. See Part I, Item 2, herein, for a description of the Registrants
refrigerated container reshell costs.

Cash from Financing Activities:Net cash used in financing activities was
$3,148,386 during 2002 compared to $3,596,721 during 2001. These amounts
represent distributions to the Registrants general and limited partners. The
Registrants continuing container disposals, as well as current market
conditions, should produce lower operating results and, consequently, lower
distributions to its partners in subsequent periods.

Results of Operations

Year Ended December 31, 2002 Compared to the Year Ended December 31, 2001

A Leasing Agent Agreement (Agreement) exists between the Registrant and
the Leasing Company, whereby the Leasing Company has the responsibility to
manage the leasing operations of all equipment owned by the Registrant. Pursuant
to the Agreement, the Leasing Company is responsible for leasing, managing and
re-leasing the Registrant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 Registrant, 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. At December 31, 2002, 84% of the original
equipment remained in the Registrants fleet, as compared to 93% at December 31,
2001. The following chart summarizes the composition of the Registrants fleet
(based on container type) at December 31, 2002.

|                      |                        |          |       |            |       |              |       |           |       |         |     |         |     |  |     |     |     |  |     |     |     | 
|--------------------- | ---------------------- | -------- | ----- | ---------- | ----- | ------------ | ----- | --------- | ----- | ------- | --- | ------- | --- |  | --- | --- | --- |  | --- | --- | --- | 
|                      |                        |          |       | Dry Cargo  |       | Refrigerated
|                      |                        |          |       | Containers |       | Containers  
|                      |                        |          |       |            |       |             
|                      |                        |          |       |            |       |              |       |           |       |         |     | 40-Foot |     |  |     |     |     |  |     |    
|                      |                        |          |       | 20-Foot    |       | 40-Foot      |       | High-Cube |       | 20-Foot |     | 40-Foot
|                      |                        |          |       |            |       |              |       |           |       |         |     |        
|Containers on lease:  |                        |          |       |            |       |              |       |           |       |         |     |         |     |  |     |     |     |  |     |    
|                      | Master lease           |          |       | 3,036      |       |              |       | 1,120     |       |         |     | 107     |     |  |     | 185 |     |  |     | 39  |    
|                      | Term lease (1-5 years) |          |       | 3,052      |       |              |       | 1,232     |       |         |     | 61      |     |  |     | 233 |     |  |     | 121 |    
|                      |                        |          |       |            |       |              |       |           |       |         |     |         |     |  |     |     |     |  |     |    
|                      |                        | Subtotal |       |            | 6,088 |              |       |           | 2,352 |         |     |         | 168 |  |     |     | 418 |  |     |     | 160 | 
|Containers off lease  |                        |          | 1,219 |            |       |              | 731   |           |       |         | 27  |         |     |  | 78  |     |     |  | 66  |    
|                      |                        |          |       |            |       |              |       |           |       |         |     |         |     |  |     |     |     |  |     |    
|Total container fleet |                        |          | 7,307 |            |       |              | 3,083 |           |       |         | 195 |         |     |  | 496 |     |     |  | 226 |    
|                      |                        |          |       |            |       |              |       |           |       |         |     |         |     |  |     |     |     |  |     |    

|                                     |                |  |            |       |              |  |           |    |         |  |         |     |   |  |       |    |   |  |         |    |   |  |     |    |   |  |     |    |  |  |     |   |   |  |     |     |  |  |     |    |  
|------------------------------------ | -------------- |  | ---------- | ----- | ------------ |  | --------- | -- | ------- |  | ------- | --- | - |  | ----- | -- | - |  | ------- | -- | - |  | --- | -- | - |  | --- | -- |  |  | --- | - | - |  | --- | --- |  |  | --- | -- | -
|                                     |                |  | Dry Cargo  |       | Refrigerated
|                                     |                |  | Containers |       | Containers  
|                                     |                |  |            |       |             
|                                     |                |  |            |       |              |  |           |    |         |  |         |     |   |  |       |    |   |  | 40-Foot |    |   |  |     |    |   |  |     |    |  |  |     |   |   |  |    
|                                     |                |  | 20-Foot    |       | 40-Foot      |  | High-Cube |    | 20-Foot |  | 40-Foot
|                                     |                |  |            |       |              |  |           |    |         |  |        
|                                     |                |  | Units      |       | %            |  | Units     |    | %       |  | Units   |     | % |  | Units |    | % |  | Units   |    | %
|                                     |                |  |            |       |              |  |           |    |         |  |         |     |   |  |       |    |   |  |         |    |  
|Total purchases                      |                |  | 8,778      |       |              |  | 100       | %  |         |  | 3,612   |     |   |  | 100   | %  |   |  | 216     |    |   |  | 100 | %  |   |  | 511 |    |  |  | 100 | % |   |  | 350 |     |  |  | 100 | % 
|                                     | Less disposals |  |            | 1,471 |              |  |           | 17 | %       |  |         | 529 |   |  |       | 15 | % |  |         | 21 |   |  |     | 10 | % |  |     | 15 |  |  |     | 3 | % |  |     | 124 |  |  |     | 35 | %
|                                     |                |  |            |       |              |  |           |    |         |  |         |     |   |  |       |    |   |  |         |    |   |  |     |    |   |  |     |    |  |  |     |   |   |  |     |     |  |  |     |   
|Remaining fleet at December 31,
2002 |                |  | 7,307      |       |              |  | 83        | %  |         |  | 3,083   |     |   |  | 85    | %  |   |  | 195     |    |   |  | 90  | %  |   |  | 496 |    |  |  | 97  | % |   |  | 226 |     |  |  | 65  | % 
|                                     |                |  |            |       |              |  |           |    |         |  |         |     |   |  |       |    |   |  |         |    |   |  |     |    |   |  |     |    |  |  |     |   |   |  |     |     |  |  |     |   

Improved market conditions for all container types and the implementation of
several Leasing Company marketing initiatives during 2002 resulted in a 48%
reduction in the Registrants off-hire container inventories. Utilization
increased from 66% at the beginning of the year to 80% at December 31, 2002.

Over the past two years, the slowdown and uneven recovery in the global
economy has led to reduced levels of capital available for new container
investment. The lower levels of new container production during 2001 and the
first half of 2002 addressed, to some extent, the problems of container
over-supply created by the higher levels of new container production achieved
during 1999 and 2000. As a result, demand increased for the existing container
fleets of leasing companies and shipping lines, including the Registrants
containers. During 2002, the surge in demand for existing containers contributed
to reducing off-hire inventories primarily in Asia, and to a lesser extent
Europe and North America. In many parts of Asia and particularly in the south
eastern ports, the demand for cargo containers exceeded available supplies. To
exploit such opportunities, the Leasing Company repositioned off-hire equipment
to locations of greatest demand and pursued leasing opportunities through its
global network of marketing resources.

14



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The Registrants average fleet size and utilization rates for the years
ended December 31, 2002, 2001 and 2000 were as follows:

|                                                            |                         |  |      |        |      |  |      |        |   |  |  |        |  
|----------------------------------------------------------- | ----------------------- |  | ---- | ------ | ---- |  | ---- | ------ | - |  |  | ------ | -
|                                                            |                         |  | 2002 |        | 2001 |  | 2000
|                                                            |                         |  |      |        |      |  |     
|Fleet size (measured in
twenty-foot equivalent units (TEU)) |                         |  |      |        |      |  |      |        |   |  |  |       
|                                                            | Dry cargo containers    |  |      | 14,780 |      |  |      | 15,591 |   |  |  | 15,763 |  
|                                                            | Refrigerated containers |  |      | 1,007  |      |  |      | 1,066  |   |  |  | 1,083  |  
|Average utilization rates                                   |                         |  |      |        |      |  |      |        |   |  |  |       
|                                                            | Dry cargo containers    |  |      | 74     | %    |  |      | 66     | % |  |  | 74     | %
|                                                            | Refrigerated containers |  |      | 75     | %    |  |      | 77     | % |  |  | 88     | %

Since December 2001, the combined per diem rate for the Registrants fleet
of dry cargo containers declined by approximately 14%. Most of this decline
occurred in the first three months of 2002 and is attributable to three main
factors:



| | 1. |  | Per diem rental rates decreased in correlation with the reduction of new container prices and interest rate levels;                                                                                                
| | -- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| | 2. |  | The Leasing Company converted lease agreements with certain shipping lines from master to long-term lease, providing greater
revenue stability but at lower lease rates than those earned under master leases; and,
|
| | 3. |  | The Leasing Company initiated new long term leases for older equipment
resulting in lower per diem rates, while significantly reducing
off-hire container inventory levels.                                        

An improvement in lease per-diem rates is not expected until new container
prices increase to much higher levels. The effect of the reduction in per diem
rates, combined with the decline in the Registrants fleet size, contributed to
a reduction in gross rental revenue (a component of net lease revenue), but also
contributed to significantly lower direct operating expenses due to the
reduction in storage and other inventory related costs.

The demand for cargo containers has continued into early 2003. However,
wide-ranging concerns remain about waning consumer confidence within the worlds
economies, a rise in oil prices, weak global stock markets, geopolitical
concerns arising from uncertainties with Iraq and North Korea, as well as an
increase in new container production, which may temper the current demand for
leased containers.

Despite recent improvements in container leasing market conditions, the
effect of the sporadic global economic recovery on the container leasing
industrys customers, the shipping lines, coupled with their acquisition of new,
larger container ships, has created a condition of excess shipping capacity. The
uncertainty over the financial strength of the shipping industry appears to
favor the larger more established shipping lines. The Registrant, CCC and the
Leasing Company continue to remain cautious, as some shipping lines have
reported operating losses during 2002. The financial impact of such losses on
these shipping lines may eventually influence the demand for leased containers
as some shipping lines may experience additional financial difficulties,
consolidate or become insolvent. Although the ultimate outcome, as well as its
impact on the container leasing industry and the Registrants results of
operations, is unknown, CCC, on behalf of the Registrant, will work closely with
the Leasing Company to monitor outstanding receivables, collections, and credit
exposure to various existing and new customers.

The primary component of the Registrants results of operations is net lease
revenue. Net lease revenue is determined by deducting direct operating expenses,
management fees and reimbursed administrative expenses, from rental revenues
billed by the Leasing Company from the leasing of the Registrants containers.
Net lease revenue is directly related to the size, utilization and per-diem
rental rates of the Registrants fleet.

Net lease revenuewas $2,626,409 for the year ended December 31, 2002
compared to $3,141,175 for the prior year. The decrease was due to a $960,475
decline in gross rental revenue partially offset by a $359,307 decrease in
rental equipment operating expenses from the year ended December 31, 2001. Gross
rental revenue was impacted by the Registrants smaller fleet size and lower
per-diem rental rates. The decrease in direct operating expense was attributable
to the Registrants higher combined utilization rate in 2002, and its impact on
activity based expenses such as storage, handling and repair and maintenance.
Other components of net lease revenue, including management fees, and reimbursed
administrative expenses, were lower by a combined $86,402 when compared to 2001,
and partially offset the decline in gross lease revenue.

15



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##### 



Depreciation expenseof $2,733,346 in 2002 was $248,065 lower than in 2001
due to a declining fleet size. Effective June 1, 2001, the Registrant changed
the estimated life of its rental container equipment from an estimated 12 year
life to a 15 year life, and its estimated salvage value from 30% to 10% of
original equipment cost. The effect of these changes was an increase in
depreciation expense of approximately $25,400 in the year 2002.

Other general and administrative expenseswere $110,785 in 2002, a decrease
of $54,140 or 33% when compared to 2001. Contributing to this decrease were
declines in professional fees, costs related to investor communications and net
exchange rate losses.

Net loss on disposal of equipmentwas a result of the Registrants disposal
of 1,257 containers in 2002, as compared to 256 containers during 2001. These
disposals resulted in a net loss of $787,997 for 2002, compared to a net loss of
$232,413 for 2001. The Registrant believes that the net loss on container
disposals in 2002 was a result of various factors, including the age, condition,
suitability for continued leasing, as well as the geographical location of the
containers when disposed. These factors will continue to influence the decision
to repair or dispose of a container when it is returned by a lessee, as well as
the amount of sales proceeds received and the related gain or loss on container
disposals. The level of the Registrants container disposals in subsequent
periods will also contribute to fluctuations in the net gain or loss on
disposals.

Impairment chargeswere incurred by the Registrant relating to refrigerated
container equipment with R12 refrigerant gas (the R12 Containers). In the
second quarter of 2001, the Leasing Company undertook a review of the
Registrants refrigerated container equipment. Due to the environmental impact
of the R12 refrigerant gas and other R12 Container marketing considerations, the
Leasing Company concluded that effective July 1, 2001, off-hire inventories of
the Registrants R12 Containers would be targeted for immediate sale. The
Leasing Company also conducted a review of the Registrants R12 Containers that
were on lease at June 30, 2001.



| |  |  | Assets to be disposed of:In June 2001, the Leasing Company committed to a
plan to dispose of 81 R12 Containers with a carrying value of $1,029,674. It
was concluded that the carrying value of these R12 Containers exceeded fair
value and accordingly, an impairment charge of $811,424 was recorded to
operations under impairment losses. Fair value was determined by discounting
future expected cash flows. At December 31, 2002, 34 of the original 81 R12
refrigerated containers have been disposed. Although the remaining 47 R12
refrigerated containers were originally classified as held for sale after
their impairment in June 2001, the Registrant has reclassified these
containers as held and used as of December 31, 2002, with 23 R12
refrigerated containers on-hire under term and master leases, 20 R12
refrigerated containers off-hire and available for lease, and four R12
refrigerated containers off-hire and available for disposal. Included in the
net loss on the disposal of equipment for the years 2002 and 2001 are gains
of $22,824 and $1,186 on the sale of 33 and one refrigerated container,
respectively, that were targeted for sale as of June 30, 2001.
| |  |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |  |  | Assets to be held and used:The Leasing Company conducted a review of 210
R12 Containers with a carrying value of $2,529,995 that were on lease at
June 30, 2001. It was concluded that the carrying value of these R12
Containers exceeded the future cash flows expected to result from the use of
these containers and their eventual disposition, and therefore was not
recoverable. Accordingly, a charge of $1,588,661 was recorded to operations
under impairment losses. Fair value was determined by discounting future
expected cash flows.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

Year Ended December 31, 2001 Compared to the Year Ended December 31, 2000

Net lease revenuewas $3,141,175 for the year 2001 compared to $4,332,091
for the prior year. The decrease was due to a $1,246,875 decline in gross rental
revenue and an $86,784 increase in rental equipment operating expenses from the
year 2000. Gross rental revenue was impacted by the Registrants smaller fleet
size, lower per-diem rental rates and lower combined fleet utilization rates.
The increase in direct operating expense was attributable to the Registrants
lower utilization rate in 2001, and its impact on activity based expenses such
as storage, handling and repair and maintenance. Other components of net lease
revenue, including management fees, and reimbursed administrative expenses, were
lower by a combined $142,743 when compared to the year 2000, and partially
offset the decline in gross lease revenue.

Depreciation expenseof $2,981,411 in 2001 was $105,570 lower than 2000 due
to a declining fleet size. Effective June 1, 2001, the Registrant changed the
estimated life of its rental container equipment from an estimated 12 year life
to a 15 year life, and its estimated salvage value from 30% to 10% of original
equipment cost. The effect of these changes was an increase in depreciation
expense of approximately $51,300 in the year 2001.

16



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##### 



Other general and administrative expensesincreased to $164,925 in 2001,
from $99,972 in 2000, representing a decrease of $64,953 or 65%. Contributing to
this increase were professional fees, costs related to investor communications
and net exchange rate losses.

Net loss on disposal of equipmentwas a result of the Registrant disposing
of 256 containers during 2001, as compared to 170 containers during 2000. These
disposals resulted in a net loss of $232,413 for 2001 as compared to a net loss
of $190,044 for 2000. The Registrant believes that the net loss on container
disposals in 2001 was a result of various factors including the age, condition,
suitability for continued leasing, as well as the geographic location of the
containers when disposed.

Critical Accounting Policies

Container
equipment  depreciable lives:Container rental equipment is
depreciated over a useful life of 15 years to a residual value of 10%. The
Registrant re-evaluates the period of amortization and residual values to
determine whether subsequent events and circumstances warrant revised estimates
of useful lives and residual values.

Container
equipment  valuation:The Registrant reviews container rental
equipment when changes in circumstances require consideration as to whether the
carrying value of the equipment has become impaired, pursuant to guidance
established in SFAS No. 144, Accounting for the Impairment or Disposal of
Long-Lived Assets. The Registrant considers assets to be impaired if the
carrying value of the asset exceeds the future projected cash flows from related
operations (undiscounted and without interest charges). When impairment is
deemed to exist, the assets are written down to fair value or projected
discounted cash flows from related operations. The Registrant periodically
evaluates future cash flows and potential impairment of its fleet by container
type rather than for each individual container. Therefore, future losses could
result for individual container dispositions due to various factors including
age, condition, suitability for continued leasing, as well as geographic
location of the containers where disposed. Considerable judgment is required in
estimating future cash flows from container rental equipment operations.
Accordingly, the estimates may not be indicative of the amounts that may be
realized in future periods. As additional information becomes available in
subsequent periods, reserves for the impairment of the container rental
equipment carrying values may be necessary based upon changes in market and
economic conditions.

New Accounting Pronouncements

In June 2002, the Financial Accounting Standards Board issued SFAS No. 146,
(SFAS 146), Accounting for Costs Associated with Exit or Disposal
Activities, which addresses accounting for restructuring and similar costs. The
Registrant does not consider the provisions of SFAS 146 to have any effect on
its financial position or results of operations.

Inflation

The Registrant believes inflation has not had a material adverse effect on the
results of its operations.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Exchange rate risk:Substantially all of the Registrants revenues are
billed and paid in US dollars, and a significant portion of costs are billed and
paid in US dollars. The Leasing Company believes that the proportion of US
dollar revenues may decrease in future years, reflecting a more diversified
customer base and lease portfolio. Of the remaining costs, the majority are
individually small, unpredictable and incurred in various denominations and thus
are not suitable for cost effective hedging.

The Leasing Company may hedge a portion of the expenses that are predictable
and are principally in UK pounds sterling. As exchange rates are outside of the
control of the Registrant and Leasing Company, there can be no assurance that
such fluctuations will not adversely affect its results of operations and
financial condition.

Item 8. Financial Statements and Supplementary Data

17



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##### 



INDEPENDENT AUDITORS REPORT

The Partners
Cronos Global Income Fund XIV, L.P.

We have audited the accompanying balance sheets of Cronos Global Income Fund
XIV, L.P. (the Partnership) as of December 31, 2002 and 2001, and the related
statements of operations, partners capital, and cash flows for each of the
three years in the period ended December 31, 2002. These financial statements
are the responsibility of the Partnerships management. Our responsibility is to
express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

In our opinion, such financial statements present fairly, in all material
respects, the financial position of the Partnership at December 31, 2002 and
2001, and the results of its operations and its cash flows for each of the three
years in the period ended December 31, 2002 in conformity with accounting
principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

San Francisco, California
February 14, 2003

18



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##### 



CRONOS GLOBAL INCOME FUND XIV, L.P.

Balance Sheets

December 31, 2002 and 2001

|                                    |                                                                                                                     |                                         |                         |            |            |            |            |            |            |            |  | 
|----------------------------------- | ------------------------------------------------------------------------------------------------------------------- | --------------------------------------- | ----------------------- | ---------- | ---------- | ---------- | ---------- | ---------- | ---------- | ---------- |  | 
|                                    |                                                                                                                     |                                         |                         |            |            | 2002       |            | 2001      
|                                    |                                                                                                                     |                                         |                         |            |            |            |            |           
|Assets                              |                                                                                                                     |                                         |                         |            |            |            |            |           
|Current assets:                     |                                                                                                                     |                                         |                         |            |            |            |            |           
|                                    | Cash and cash equivalents, includes $1,831,366 in 2002 and
$1,605,354 in 2001 in interest-bearing accounts (note 3) |                                         | $                       | 2,142,650  |            |            | $          | 1,620,354  |           
|                                    | Net lease receivables due from Leasing Company
(notes 1 and 4)                                                      |                                         |                         | 371,301    |            |            |            | 386,002    |           
|                                    |                                                                                                                     |                                         |                         |            |            |            |            |           
|                                    |                                                                                                                     |                                         | Total current assets    |            |            | 2,513,951  |            |            |            | 2,006,356  | 
|                                    |                                                                                                                     |                                         |                         |            |            |            |            |           
|Container rental equipment, at cost |                                                                                                                     |                                         | 43,736,871              |            |            |            | 47,825,021 |           
|                                    | Less accumulated depreciation                                                                                       |                                         |                         | 24,261,068 |            |            |            | 23,707,013 |           
|                                    |                                                                                                                     |                                         |                         |            |            |            |            |           
|                                    |                                                                                                                     | Net container rental equipment (note 1) |                         |            | 19,475,803 |            |            |            | 24,118,008 |           
|                                    |                                                                                                                     |                                         |                         |            |            |            |            |           
|                                    |                                                                                                                     |                                         | Total assets            |            | $          | 21,989,754 |            |            | $          | 26,124,364 | 
|                                    |                                                                                                                     |                                         |                         |            |            |            |            |           
|Partners Capital                   |                                                                                                                     |                                         |                         |            |            |            |            |           
|Partners capital (deficit):        |                                                                                                                     |                                         |                         |            |            |            |            |           
|                                    | General partner                                                                                                     |                                         | $                       | (267,386   | )          |            | $          | (130,751   | )         
|                                    | Limited partners (note 8)                                                                                           |                                         |                         | 22,257,140 |            |            |            | 26,255,115 |           
|                                    |                                                                                                                     |                                         |                         |            |            |            |            |           
|                                    |                                                                                                                     |                                         | Total partners capital |            | $          | 21,989,754 |            |            | $          | 26,124,364 | 
|                                    |                                                                                                                     |                                         |                         |            |            |            |            |           

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

19



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##### 



CRONOS GLOBAL INCOME FUND XIV, L.P.

Statements of Operations

For the years ended December 31, 2002, 2001 and 2000

|                                                      |                                           |                               |           |           |            |      |            |            |            |   |           |           |           | 
|----------------------------------------------------- | ----------------------------------------- | ----------------------------- | --------- | --------- | ---------- | ---- | ---------- | ---------- | ---------- | - | --------- | --------- | --------- | 
|                                                      |                                           |                               |           | 2002      |            | 2001 |            | 2000      
|                                                      |                                           |                               |           |           |            |      |            |           
|Net lease revenue (notes 1 and 6)                     |                                           | $                             | 2,626,409 |           |            | $    | 3,141,175  |            |            | $ | 4,332,091 |          
|Other operating expenses:                             |                                           |                               |           |           |            |      |            |            |            |   |           |          
|                                                      | Depreciation (note 1)                     |                               |           | 2,733,346 |            |      |            | 2,981,411  |            |   |           | 3,086,981 |          
|                                                      | Other general and administrative expenses |                               |           | 110,785   |            |      |            | 164,925    |            |   |           | 99,972    |          
|                                                      | Net loss on disposal of equipment         |                               |           | 787,997   |            |      |            | 232,413    |            |   |           | 190,044   |          
|                                                      | Impairment losses                         |                               |           |          |            |      |            | 2,400,085  |            |   |           |          |          
|                                                      |                                           |                               |           |           |            |      |            |            |            |   |           |          
|                                                      |                                           |                               | 3,632,128 |           |            |      | 5,778,834  |            |            |   | 3,376,997 |          
|                                                      |                                           |                               |           |           |            |      |            |            |            |   |           |          
|                                                      |                                           | (Loss) income from operations |           |           | (1,005,719 | )    |            |            | (2,637,659 | ) |           |           | 955,094   | 
|Other income:                                         |                                           |                               |           |           |            |      |            |            |            |   |           |          
|                                                      | Interest income                           |                               |           | 19,495    |            |      |            | 51,988     |            |   |           | 70,002    |          
|                                                      |                                           |                               |           |           |            |      |            |            |            |   |           |          
|                                                      |                                           | Net (loss) income             |           | $         | (986,224   | )    |            | $          | (2,585,671 | ) |           | $         | 1,025,096 | 
|                                                      |                                           |                               |           |           |            |      |            |            |            |   |           |          
|Allocation of net (loss) income:                      |                                           |                               |           |           |            |      |            |            |            |   |           |          
|                                                      | General partner                           |                               | $         | (9,862    | )          |      | $          | 102,940    |            |   | $         | 167,842   |          
|                                                      | Limited partners                          |                               |           | (976,362  | )          |      |            | (2,688,611 | )          |   |           | 857,254   |          
|                                                      |                                           |                               |           |           |            |      |            |            |            |   |           |          
|                                                      |                                           | $                             | (986,224  | )         |            | $    | (2,585,671 | )          |            | $ | 1,025,096 |          
|                                                      |                                           |                               |           |           |            |      |            |            |            |   |           |          
|Limited partners per unit share of net (loss) income |                                           | $                             | (0.33     | )         |            | $    | (0.90      | )          |            | $ | 0.29      |          
|                                                      |                                           |                               |           |           |            |      |            |            |            |   |           |          

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

20



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##### 



CRONOS GLOBAL INCOME FUND XIV, L.P.

Statements of Partners Capital

For the years ended December 31, 2002, 2001 and 2000

|                              |  |          |            |         |  |       |          |   |  |   |             |  
|----------------------------- |  | -------- | ---------- | ------- |  | ----- | -------- | - |  | - | ----------- | -
|                              |  | Limited  |            | General |  |       |          |  
|                              |  | Partners |            | Partner |  | Total
|                              |  |          |            |         |  |      
|Balances at January 1, 2000   |  | $        | 35,447,770 |         |  | $     | (37,894  | ) |  | $ | 35,409,876  |  
|Net income                    |  |          | 857,254    |         |  |       | 167,842  |   |  |   | 1,025,096   |  
|Cash distributions            |  |          | (3,929,342 | )       |  |       | (198,874 | ) |  |   | (4,128,216  | )
|                              |  |          |            |         |  |       |          |   |  |   |             |  
|Balances at December 31, 2000 |  |          | 32,375,682 |         |  |       | (68,926  | ) |  |   | 32,306,756  |  
|Net (loss) income             |  |          | (2,688,611 | )       |  |       | 102,940  |   |  |   | (2,585,671  | )
|Cash distributions            |  |          | (3,431,956 | )       |  |       | (164,765 | ) |  |   | (3,596,721  | )
|                              |  |          |            |         |  |       |          |   |  |   |             |  
|Balances at December 31, 2001 |  |          | 26,255,115 |         |  |       | (130,751 | ) |  |   | 26,124,364  |  
|Net loss                      |  |          | (976,362   | )       |  |       | (9,862   | ) |  |   | (986,224    | )
|Cash distributions            |  |          | (3,021,613 | )       |  |       | (126,773 | ) |  |   | (3,148,386  | )
|                              |  |          |            |         |  |       |          |   |  |   |             |  
|Balances at December 31, 2002 |  | $        | 22,257,140 |         |  | $     | (267,386 | ) |  | $ | (21,989,754 | )
|                              |  |          |            |         |  |       |          |   |  |   |             |  

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

21



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##### 



CRONOS GLOBAL INCOME FUND XIV, L.P.

Statements of Cash Flows

For the years ended December 31, 2002, 2001 and 2000

|                                                     |                                                                                   |                                                                       |                                           |            |           |           |           |            |           |           |           |            |           |           | 
|---------------------------------------------------- | --------------------------------------------------------------------------------- | --------------------------------------------------------------------- | ----------------------------------------- | ---------- | --------- | --------- | --------- | ---------- | --------- | --------- | --------- | ---------- | --------- | --------- | 
|                                                     |                                                                                   |                                                                       |                                           |            | 2002      |           | 2001      |            | 2000     
|                                                     |                                                                                   |                                                                       |                                           |            |           |           |           |            |          
|Cash flows from operating activities:                |                                                                                   |                                                                       |                                           |            |           |           |           |            |           |           |           |           
|                                                     | Net (loss) income                                                                 |                                                                       | $                                         | (986,224   | )         |           | $         | (2,585,671 | )         |           | $         | 1,025,096  |          
|                                                     | Adjustments to reconcile net (loss) income to net cash
from operating activities: |                                                                       |                                           |            |           |           |           |            |           |           |           |            |          
|                                                     |                                                                                   | Depreciation                                                          |                                           |            | 2,733,346 |           |           |            | 2,981,411 |           |           |            | 3,086,981 |          
|                                                     |                                                                                   | Net loss on disposal of equipment                                     |                                           |            | 787,997   |           |           |            | 232,413   |           |           |            | 190,044   |          
|                                                     |                                                                                   | Loss on impairment                                                    |                                           |            |          |           |           |            | 2,400,085 |           |           |            |          |          
|                                                     |                                                                                   | (Increase) decrease in net lease receivables due
from Leasing Company |                                           |            | (5,469    | )         |           |            | 220,060   |           |           |            | 286,218   |          
|                                                     |                                                                                   |                                                                       |                                           |            |           |           |           |            |           |           |           |           
|                                                     |                                                                                   |                                                                       | Total adjustments                         |            |           | 3,515,874 |           |            |           | 5,833,969 |           |            |           | 3,563,243 | 
|                                                     |                                                                                   |                                                                       |                                           |            |           |           |           |            |           |           |           |           
|                                                     |                                                                                   |                                                                       | Net cash provided by operating activities |            |           | 2,529,650 |           |            |           | 3,248,298 |           |            |           | 4,588,339 | 
|                                                     |                                                                                   |                                                                       |                                           |            |           |           |           |            |           |           |           |           
|Cash flows from investing activities:                |                                                                                   |                                                                       |                                           |            |           |           |           |            |           |           |           |           
|                                                     | Proceeds from sale of container rental equipment                                  |                                                                       |                                           | 1,141,032  |           |           |           | 384,460    |           |           |           | 457,931    |          
|                                                     | Purchases of container rental equipment                                           |                                                                       |                                           |           |           |           |           | (122,016   | )         |           |           | (224,978   | )        
|                                                     | Acquisition fees paid to general partner                                          |                                                                       |                                           |           |           |           |           |           |           |           |           | (5,963     | )        
|                                                     |                                                                                   |                                                                       |                                           |            |           |           |           |            |           |           |           |           
|                                                     |                                                                                   |                                                                       | Net cash provided by investing activities |            |           | 1,141,032 |           |            |           | 262,444   |           |            |           | 226,990   | 
|                                                     |                                                                                   |                                                                       |                                           |            |           |           |           |            |           |           |           |           
|Cash flows from financing activities                 |                                                                                   |                                                                       |                                           |            |           |           |           |            |           |           |           |           
|                                                     | Distributions to partners                                                         |                                                                       |                                           | (3,148,386 | )         |           |           | (3,596,721 | )         |           |           | (4,128,216 | )        
|                                                     |                                                                                   |                                                                       |                                           |            |           |           |           |            |           |           |           |           
|Net increase (decrease) in cash and cash equivalents |                                                                                   |                                                                       | 522,296                                   |            |           |           | (85,979   | )          |           |           | 687,113   |           
|Cash and cash equivalents at beginning of year       |                                                                                   |                                                                       | 1,620,354                                 |            |           |           | 1,706,333 |            |           |           | 1,019,220 |           
|                                                     |                                                                                   |                                                                       |                                           |            |           |           |           |            |           |           |           |           
|Cash and cash equivalents at end of year             |                                                                                   | $                                                                     | 2,142,650                                 |            |           | $         | 1,620,354 |            |           | $         | 1,706,333 |           
|                                                     |                                                                                   |                                                                       |                                           |            |           |           |           |            |           |           |           |           

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

22



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CRONOS GLOBAL INCOME FUND XIV, L.P.

Notes to Financial Statements

December 31, 2002, 2001 and 2000



|(1) |  | Summary of Significant Accounting Policies
|--- |  | ------------------------------------------



| | (a) |  | Nature of Operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |     |  | Cronos Global Income Fund XIV, L.P. (the Partnership) is a limited
partnership organized under the laws of the State of California on
July 30, 1992, for the purpose of owning and leasing marine cargo
containers 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 CCC. The Partnership shall continue until December
31, 2012, unless terminated sooner upon the occurrence of certain
events.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|
| |     |  | The Partnership commenced operations on January 29, 1993 when the
minimum subscription proceeds of $2,000,000 were obtained. The
Partnership offered 4,250,000 units of limited partnership interests
at $20 per unit, or $85,000,000. The offering terminated on November
30, 1993, at which time 2,984,309 limited partnership units had been
sold.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|
| | (b) |  | Leasing Company and Leasing Agent Agreement                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|
| |     |  | A Leasing Agent Agreement exist between the Partnership and the
leasing Company, 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.
|
| | (c) |  | Concentrations of Credit Risk                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|
| |     |  | The Partnerships financial instruments that are exposed to
concentrations of credit risk consist primarily of cash, cash
equivalents and net lease receivables due from the Leasing Company.
See note 3 for further discussion regarding the credit risk
associated with cash and cash equivalents.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       

23



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##### 



CRONOS GLOBAL INCOME FUND XIV, L.P.

Notes to Financial Statements



| | (c) |  | Concentrations of Credit Risk (continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | --- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |     |  | Net lease receivables due from the Leasing Company (see notes 1(b)
and 4 for discussion regarding net lease receivables) subject the
Partnership to a significant concentration of credit risk. These net
lease receivables, representing rentals earned by the Leasing
Company, on behalf of the Partnership, from ocean carriers after
deducting direct operating expenses and management fees to CCC and
the Leasing Company, are remitted by the Leasing Company to the
Partnership three to four times per month. The Partnership has
historically never incurred a loss associated with the collectibility
of unremitted net lease receivables due from the Leasing Company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|
| | (d) |  | 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|
| | (e) |  | Use of Estimates                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|
| |     |  | The financial statements are prepared in conformity with accounting
principles generally accepted in the United States of America (GAAP),
which 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 most significant estimates included within the financial
statements are the container rental equipment estimated useful lives
and residual values, and the estimate of future cash flows from
container rental equipment operations, used to determine the adequacy
of the carrying value of container rental equipment in accordance
with SFAS No. 144. Considerable judgment is required in estimating
future cash flows from container rental equipment operations.
Accordingly, the estimates may not be indicative of the amounts that
may be realized in future periods. As additional information becomes
available in subsequent periods, reserves for the impairment of the
container rental equipment carrying values may be necessary based
upon changes in market and economic conditions.                                                                                                                                                                                                                                                                                                                                                      
|
| | (f) |  | Allocation of Net Income or Loss and Partnership Distributions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|
| |     |  | Net income or loss has been allocated between the general and limited
partners in accordance with the Partnership Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|
| |     |  | Actual cash distributions differ from the allocations of net income
or loss between the general and limited partners as presented in
these financial statements. Partnership distributions are paid to its
partners (general and limited) from distributable cash from
operations, allocated 95% to the limited partners and 5% to the
general partner. Distributions of sales proceeds are allocated 99% to
the limited partners and 1% to the general partner. The allocations
remain in effect until such time as the limited partners have
received from the Partnership aggregate distributions in an amount
equal to their capital contributions plus an 8% cumulative,
compounded (daily), annual return on their adjusted capital
contributions. Thereafter, all Partnership distributions will be
allocated 85% to the limited partners and 15% to the general partner.
Cash distributions from operations to the general partner in excess
of 5% of distributable cash will be considered an incentive fee and
will be recorded as compensation to the general partner, with the
remaining distributions from operations charged to partners capital.

24



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##### 



CRONOS GLOBAL INCOME FUND XIV, L.P.

Notes to Financial Statements



| | (g) |  | Acquisition Fees                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |     |  | Pursuant to the Partnership Agreement, acquisition fees paid to CCC
are based on 5% of the equipment purchase price. These fees are
capitalized and included in the cost of the container rental
equipment.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|
| | (h) |  | Container Rental Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|
| |     |  | Container rental equipment is depreciated using the straight-line
method. Depreciation policies are also evaluated to determine whether
subsequent events and circumstances warrant revised estimates of
useful lives. Effective June 1, 2001, the estimated depreciable life
was changed from a twelve-year life to a fifteen-year life and the
estimated salvage value was changed from 30% to 10% of the original
equipment cost. The effect of these changes is an increase to
depreciation expense of approximately $25,400 and $51,300 for 2002
and 2001, respectively.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|
| |     |  | SFAS No. 144, Accounting for the Impairment or Disposal of
Long-Lived Assets, was adopted by the Partnership effective January
1, 2002, without a significant impact on its financial statements. In
accordance with SFAS No. 144, container rental equipment is
considered to be impaired if the carrying value of the asset exceeds
the expected future cash flows from related operations (undiscounted
and without interest charges). If impairment is deemed to exist, the
assets are written down to fair value. An analysis is prepared each
quarter projecting future cash flows from container rental equipment
operations. Current and projected utilization rates, per-diem rental
rates, direct operating expenses, fleet size and container disposals
are the primary variables utilized by the analysis. Additionally, the
Partnership evaluates future cash flows and potential impairment by
container type rather than for each individual container, and as a
result, future losses could result for individual container
dispositions due to various factors, including age, condition,
suitability for continued leasing, as well as the geographical
location of containers when disposed.
|
| |     |  | In June 2001, the Partnership recorded impairment charges relating to
refrigerated container equipment which reduced results of operations
by $2,400,085 or $0.80 per limited partnership unit. The impairment
charges were a result of CCCs and the Leasing Companys review of
the Partnerships refrigerated container equipment. The purpose of
the review was to consider recent changes in the marketplace and
economic environment and to identify the consequences, if any, from
an accounting perspective. The Leasing Company identified a number of
issues that have had an impact on the carrying value of certain
equipment at June 30, 2001.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      



| | i.   |  | In 1992, the Montreal Protocol outlawed the production of the
R12 refrigerant gas by developed countries. Since that date,
shipping lines and leasing companies have operated fleets
including refrigerated container equipment with the R12
refrigerant gas (the R12 Containers). However, the
environmental impact of refrigerant gases has become
increasingly prominent. On January 1, 2001, it became illegal
for R12 to be handled, other than for disposal, in most member
countries of the European Union.
| | ---- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| | ii.  |  | Several of the major shipping lines that lease from the Leasing
Company, as well as other leasing companies, have committed to
eliminating R12 Containers from their fleets in 2001.
Inventories consisting of R12 Containers will continue to
increase as shipping lines redeliver the containers from
existing leases.                                                                                                                                                                                            
|
| | iii. |  | During 2000, the Leasing Company completed a number of term
leases for R12 Containers. However, over the course of 2001, the
factors outlined above, together with the deteriorating economic
environment, have resulted in a very slow leasing market for R12
Containers. In addition, it is probable that residual prices for
R12 Containers will decrease as R12 containers are redelivered
from existing leases.                                                                                                

25



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##### 



CRONOS GLOBAL INCOME FUND XIV, L.P.

Notes to Financial Statements



| | (h) |  | Container Rental Equipment (continued)
| | --- |  | --------------------------------------



| |     |  | The Leasing Company considered the impact of these factors in June
2001 and decided to change the current marketing strategy for R12
Containers. The Leasing Company concluded that, effective July 1,
2001, inventories of R12 Containers would be targeted for immediate
sale. The Leasing Company also conducted a review of R12 Containers
that were on lease at June 30, 2001.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |     |  | Assets to be disposed of:In June 2001, the Leasing Company committed
to a plan to dispose of 81 R12 Containers with a carrying value of
$1,029,674. It was concluded that the carrying value of these R12
containers exceeded fair value and accordingly, an impairment charge
of $811,424 was recorded to operations under impairment losses. At
December 31, 2002, 34 of the original 81 R12 refrigerated containers
have been disposed. Although the remaining 47 R12 refrigerated
containers were originally classified as held for sale after their
impairment in June 2001, the Registrant has reclassified these
containers as held and used as of December 31, 2002, with 23 R12
refrigerated containers on-hire under term and master leases, 20 R12
refrigerated containers off-hire and available for lease, and four
R12 refrigerated containers off-hire and available for disposal.
Included in the net loss on the disposal of equipment for the years
2002 and 2001 are gains of $22,824 and $1,186 on the sale of 33 and
one refrigerated container, respectively, that were targeted for sale
as of June 30, 2001.
|
| |     |  | Assets to be held and used:The Leasing Company conducted a review of
210 R12 Containers with a carrying value of $2,529,995 that were on
lease at June 30, 2001. It was concluded that the carrying value of
these R12 Containers exceeded the future cash flows expected to
result from the use of these containers and their eventual
disposition, and therefore was not recoverable. Accordingly, a charge
of $1,588,661 was recorded to operations under impairment losses.
Fair value was determined by discounting future expected cash flows.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|
| |     |  | There were no impairment charges to the carrying value of container
rental equipment during 2002 and 2000.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|
| | (i) |  | Income Taxes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|
| |     |  | The Partnership is not subject to income taxes, consequently no
provision for income taxes has been made. The Partnership files
federal and state annual information tax returns, prepared on the
accrual basis of accounting. Taxable income or loss is reportable by
the partners individually.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|
| | (j) |  | Financial Statement Presentation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|
| |     |  | 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|
| | (k) |  | New Accounting Pronouncements                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|
| |     |  | In June 2002, the Financial Accounting Standards Board issued SFAS
No. 146, (SFAS 146), Accounting for Costs Associated with Exit or
Disposal Activities, which addresses accounting for restructuring
and similar costs. The Registrant believes that SFAS 146 will not
have a significant impact on its financial position or results of
operations.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          

26



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##### 



CRONOS GLOBAL INCOME FUND XIV, L.P.

Notes to Financial Statements



|(2) |  | Operating Segment
|--- |  | -----------------



| |  |  | 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 that as such it
has a single reportable operating segment.
| |  |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |  |  | The Partnership derives revenues from dry cargo containers and
refrigerated containers. As of December 31, 2002, the Partnership owned
7,307 twenty-foot 3,083 forty-foot and 195 forty-foot high-cube marine dry
cargo containers, as well as 496 twenty-foot and 226 forty-foot marine
refrigerated cargo containers. A summary of gross lease revenue earned by
the Leasing Company, on behalf of the Partnership, by product, for the
years ended December 31, 2002, 2001 and 2000 follows:                                                                  

|                        |  |      |           |      |  |      |           |  |  |   |           | 
|----------------------- |  | ---- | --------- | ---- |  | ---- | --------- |  |  | - | --------- | 
|                        |  | 2002 |           | 2001 |  | 2000
|                        |  |      |           |      |  |     
|Dry cargo containers    |  | $    | 3,083,465 |      |  | $    | 3,595,116 |  |  | $ | 4,446,638 | 
|Refrigerated containers |  |      | 1,375,452 |      |  |      | 1,824,276 |  |  |   | 2,219,629 | 
|                        |  |      |           |      |  |      |           |  |  |   |           | 
|Total                   |  | $    | 4,458,917 |      |  | $    | 5,419,392 |  |  | $ | 6,666,267 | 
|                        |  |      |           |      |  |      |           |  |  |   |           | 



| |  |  | 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| |  |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |  |  | The Partnership is not dependent upon any particular customer or group of
customers of the Leasing Company. Only one sub-lessee of the Leasing
Company accounts for more than 10% of the Partnerships revenue. This
customer, Mediterranean Shipping Company S.A. (MSC), generated
approximately 15% or $822,957 of the Leasing Companys rental revenue
earned during 2002 on behalf of the Partnership. MSC is a private company
located in Switzerland and is ranked as the second largest container liner
operator in the world. One sub-lessee of the Leasing Company contributed
approximately 16% or $904,779 of the Leasing Companys rental revenue
earned during 2001 on behalf of the Partnership. One sub-lessee of the
Leasing Company, MSC, contributed approximately 13% of the Registrants
rental revenue billings earned during 2000.



|(3) |  | Cash and Cash Equivalents
|--- |  | -------------------------



| |  |  | Cash equivalents include money market funds that invest in highly-liquid
first-tier securities, such as U.S. Treasury obligations, repurchase
agreements secured by U.S. Treasury obligations, and obligations whose
principal and interest are backed by the U.S. Government. Cash equivalents
are carried at cost which approximates fair value, and at times, may
exceed federally insured limits. The Partnership has not experienced any
losses in such accounts and believes it is not exposed to any significant
credit risk.
| |  |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

27



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##### 



CRONOS GLOBAL INCOME FUND XIV, L.P.

Notes to Financial Statements



|(4) |  | 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 as well as proceeds earned from container disposals. Net lease
receivables at December 31, 2002 and December 31, 2001 were as follows:
| |  |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|                                               |  |              |         |              |  |   |           | 
|---------------------------------------------- |  | ------------ | ------- | ------------ |  | - | --------- | 
|                                               |  | December 31, |         | December 31,
|                                               |  | 2002         |         | 2001        
|                                               |  |              |         |             
|Gross lease receivables                        |  | $            | 988,442 |              |  | $ | 1,108,942 | 
|Less:                                          |  |              |         |              |  |   |           | 
|Direct operating payables and accrued expenses |  |              | 343,446 |              |  |   | 437,081   | 
|Damage protection reserve (note 5)             |  |              | 58,148  |              |  |   | 45,251    | 
|Base management fees payable                   |  |              | 95,631  |              |  |   | 121,095   | 
|Reimbursed administrative expenses             |  |              | 22,038  |              |  |   | 22,982    | 
|Allowance for doubtful accounts                |  |              | 97,878  |              |  |   | 96,531    | 
|                                               |  |              |         |              |  |   |           | 
|Net lease receivables                          |  | $            | 371,301 |              |  | $ | 386,002   | 
|                                               |  |              |         |              |  |   |           | 



|(5) |  | Damage Protection Plan
|--- |  | ----------------------



| |  |  | The Leasing Company offers a repair service to several lessees of the
Partnerships containers, whereby the lessee pays an additional rental fee
for the convenience of having the Partnership incur the repair expense for
containers damaged while on lease. This fee is recorded as revenue when
earned according to the terms of the rental contract. An accrual has been
recorded to provide for the estimated costs incurred by this service. This
accrual is a component of net lease receivables due from the Leasing
Company (see note 4). The Partnership is not responsible in the event
repair costs exceed predetermined limits, or for repairs that are required
for damages not defined by the damage protection plan agreement.
| |  |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(6) |  | 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 the years ended December 31, 2002, 2001
and 2000 was as follows:
| |  |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|                                             |                                     |   |           |         |      |   |           |         |  |   |           |         | 
|-------------------------------------------- | ----------------------------------- | - | --------- | ------- | ---- | - | --------- | ------- |  | - | --------- | ------- | 
|                                             |                                     |   | 2002      |         | 2001 |   | 2000     
|                                             |                                     |   |           |         |      |   |          
|Rental revenue                               |                                     | $ | 4,458,917 |         |      | $ | 5,419,392 |         |  | $ | 6,666,267 |        
|Less:                                        |                                     |   |           |         |      |   |           |         |  |   |           |        
|Rental equipment operating expenses          |                                     |   | 1,263,947 |         |      |   | 1,623,254 |         |  |   | 1,536,470 |        
|Base management fees (note 7)                |                                     |   | 303,486   |         |      |   | 371,582   |         |  |   | 457,013   |        
|Reimbursed administrative expenses (note 7): |                                     |   |           |         |      |   |           |         |  |   |           |        
|                                             | Salaries                            |   |           | 185,776 |      |   |           | 190,747 |  |   |           | 229,190 | 
|                                             | Other payroll related expenses      |   |           | 20,461  |      |   |           | 19,328  |  |   |           | 20,894  | 
|                                             | General and administrative expenses |   |           | 58,838  |      |   |           | 73,306  |  |   |           | 90,609  | 
|                                             |                                     |   |           |         |      |   |           |         |  |   |           |        
|Net lease revenue                            |                                     | $ | 2,626,409 |         |      | $ | 3,141,175 |         |  | $ | 4,332,091 |        
|                                             |                                     |   |           |         |      |   |           |         |  |   |           |        

28



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##### 



CRONOS GLOBAL INCOME FUND XIV, L.P.

Notes to Financial Statements



|(7) |  | Compensation to General Partner and its Affiliates
|--- |  | --------------------------------------------------



| |  |  | Base management fees are equal to 7% of gross lease revenues attributable
to operating leases pursuant to the Partnership Agreement. Reimbursed
administrative expenses are equal to the costs expended by CCC and its
affiliates for services necessary for the prudent operation of the
Partnership pursuant to the Partnership Agreement. The following
compensation was paid or will be paid by the Partnership to CCC or its
affiliates:
| |  |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|                                   |  |      |         |      |  |      |         |  |  |   |         | 
|---------------------------------- |  | ---- | ------- | ---- |  | ---- | ------- |  |  | - | ------- | 
|                                   |  | 2002 |         | 2001 |  | 2000
|                                   |  |      |         |      |  |     
|Base management fees               |  | $    | 303,486 |      |  | $    | 371,582 |  |  | $ | 457,013 | 
|Reimbursed administrative expenses |  |      | 265,075 |      |  |      | 283,381 |  |  |   | 340,693 | 
|Acquisition fees                   |  |      |        |      |  |      |        |  |  |   | 5,963   | 
|                                   |  |      |         |      |  |      |         |  |  |   |         | 
|                                   |  | $    | 586,561 |      |  | $    | 654,963 |  |  | $ | 803,669 | 
|                                   |  |      |         |      |  |      |         |  |  |   |         | 



|(8) |  | Limited Partners Capital
|--- |  | -------------------------



| |  |  | Cash distributions made to the limited partners during 2002, 2001 and 2000
included distributions of proceeds from equipment sales in the amount of
$758,511, $373,038 and $261,128, respectively. These distributions, as
well as cash distributions from operations, are used in determining
Adjusted Capital Contributions as defined by the Partnership Agreement.
| |  |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |  |  | The limited partners per unit share of capital at December 31, 2002, 2001
and 2000 was $7, $9 and $11, respectively. This is calculated by dividing
the limited partners capital at the end of each year by 2,984,309, the
total number of limited partnership units.                                                                                                 

29



---



##### 



Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Inapplicable.

30



---



##### 



PART III

Item 10. Directors and Executive Officers of the Registrant

The Registrant, as such, has no officers or directors, but is managed by
CCC, the general partner. The officers and directors of CCC at February 28,
2003, are as follows:

|                 |  |                                                      
|---------------- |  | -----------------------------------------------------
|Name             |  | Office                                               
|                 |  |                                                      
|Dennis J. Tietz  |  | President, Chief Executive Officer and Director      
|                 |  |                                                      
|John Kallas      |  | Vice President, Chief Financial Officer and Director 
|                 |  |                                                      
|Elinor A. Wexler |  | Vice President/Administration, Secretary and Director
|                 |  |                                                      
|John M. Foy      |  | Director                                             

Dennis J. Tietz Mr. Tietz, 50, as President and Chief Executive Officer, is responsible for the general management of CCC.
Mr. Tietz was appointed Chief Executive Officer of The Cronos Group, indirect corporate parent of CCC, in December 1998 and elected
Chairman of the Board in March 1999. Mr. Tietz is also President and a director of Cronos Securities Corp. From 1986 until August
1992, Mr. Tietz was responsible for the organization, marketing and after-market support of CCCs investment programs. Mr. Tietz was
a regional manager for CCC, responsible for various container leasing activities in the U.S. and Europe from 1981 to 1986. Prior to
joining CCC in December 1981, Mr. Tietz was employed by Trans Ocean Leasing Corporation as Regional Manager based in Houston, with
responsibility for all leasing and operational activities in the U.S. Gulf.

Mr. Tietz holds a B.S. degree in Business Administration from San Jose State University and is a Registered Securities Principal
with the NASD.

John Kallas Mr. Kallas, 40, was elected Vice President, Chief Financial Officer of CCC in November, 2000. Mr. Kallas
also joined the Board of Directors of CCC in November, 2000. Mr. Kallas has been employed by CCC since 1989, and is responsible for
managed container investment programs, treasury, and CCCs financial operations. Mr. Kallas has held various accounting positions
since joining Cronos including Controller, Director of Accounting and Corporate Accounting Manager. From 1985 to 1989, Mr. Kallas
was an accountant with KPMG Peat Marwick, San Francisco.

Mr. Kallas holds a Masters degree in Finance and Business Administration from St. Marys College, a B.S. degree in Business
Administration/Accounting from the University of San Francisco and is a certified public accountant.

Elinor
A. Wexler Ms. Wexler, 54, was elected Vice President  Administration and Secretary of CCC in August 1992. Ms. Wexler
joined the Board of Directors of CCC in June 1997. Ms. Wexler has been employed by CCC since 1987, and is responsible for investor
services, compliance and securities registration. From 1983 to 1987, Ms. Wexler was Manager of Investor Services for The Robert A.
McNeil Corporation, a real estate syndication company, in San Mateo, California. From 1971 to 1983, Ms. Wexler held various
positions, including securities trader and international research editor, with Nikko Securities Co., International, based in San
Francisco.

Ms. Wexler attended the University of Oregon, Portland State University and the Hebrew University of Jerusalem, Israel. Ms.
Wexler is also Vice President and Secretary of Cronos Securities Corp. and a Registered Principal with the NASD.

John M. Foy Mr. Foy, 57, was elected to the Board of Directors of CCC in April 1999. See key management personnel of the
Leasing Company for further information.

31



---



##### 



The key management personnel of the Leasing Company and its affiliates at
February 28, 2003, were as follows:

|                 |  |                                                     
|---------------- |  | ----------------------------------------------------
|Name             |  | Title                                               
|                 |  |                                                     
|Peter J. Younger |  | Chief Operating Officer/Chief Financial Officer     
|                 |  |                                                     
|John M. Foy      |  | Senior Vice President/Americas                      
|                 |  |                                                     
|Nico Sciacovelli |  | Senior Vice President/Europe, Middle East and Africa
|                 |  |                                                     
|John C. Kirby    |  | Senior Vice President/Operations                    

Peter J. Younger     Mr. Younger, 46, was elected to the Board of Directors of The Cronos Group on January 13, 2000. Mr.
Younger will serve as a director until the 2004 annual meeting and his successor is elected and takes office. Mr. Younger was
appointed as Chief Operating Officer of The Cronos Group on August 4, 2000, and its Chief Financial Officer in March 1997. From 1991
to 1997, Mr. Younger served as Vice President of Finance for the Leasing Company, located in the UK. From 1987 to 1991 Mr. Younger
served as Vice President and Controller for CCC in San Francisco. Prior to 1987, Mr. Younger was a certified public accountant and a
principal with the accounting firm of Johnson, Glaze and Co. in Salem, Oregon. Mr. Younger holds a B.S. degree in Business
Administration from Western Baptist College, Salem, Oregon.

John M. Foy     Mr. Foy, 57, is directly responsible for the Leasing Companys
lease marketing and operations in North America, Central America, and South
America, and is based in San Francisco. From 1985 to 1993, Mr. Foy was Vice
President/Pacific with responsibility for dry cargo container lease marketing
and operations in the Pacific Basin. From 1977 to 1985 Mr. Foy was Vice
President of Marketing for Nautilus Leasing Services in San Francisco with
responsibility for worldwide leasing activities. From 1974 to 1977, Mr. Foy was
Regional Manager for Flexi-Van Leasing, a container lessor, with responsibility
for container leasing activities in the Western United States. Mr. Foy holds a
B.A. degree in Political Science from University of the Pacific, and a Bachelor
of Foreign Trade from Thunderbird Graduate School of International Management.

Nico
Sciacovelli     Mr. Sciacovelli, 53, was elected Senior Vice President  Europe, Middle East and Africa in June 1997. Mr.
Sciacovelli is directly responsible for the Leasing Companys lease marketing and operations in Europe, the Middle East and Africa
and is based in Italy. Since joining Cronos in 1983, Mr. Sciacovelli served as Area Director and Area Manager for Southern Europe.
Prior to joining Cronos, Mr. Sciacovelli was a Sales Manager at Interpool Ltd.

John C. Kirby     Mr. Kirby, 49, is responsible for container purchasing,
contract and billing administration, container repairs and leasing-related
systems, and is based in the United Kingdom. Mr. Kirby joined CCC in 1985 as
European Technical Manager and advanced to Director of European Operations in
1986, a position he held with CCC, and later the Leasing Company, until his
promotion to Senior Vice President/Operations of the Leasing Company in 1992.
From 1982 to 1985, Mr. Kirby was employed by CLOU Containers, a container
leasing company, as Technical Manager based in Hamburg, Germany. Mr. Kirby
acquired a professional engineering qualification from the Mid-Essex Technical
College in England.

Section 16(a) Beneficial Ownership Reporting Compliance

The Registrant has followed the practice of reporting acquisitions and
dispositions of the Registrants units of limited partnership interests by CCC,
its general partner. As CCC did not acquire or dispose of any of the
Registrants units of limited partnership interests during the fiscal year ended
December 31, 2002, no reports of beneficial ownership under Section 16(a) of the
Securities Exchange Act of 1934, as amended, were filed with the SEC.

32



---



##### 



Item 11. Executive Compensation

Partnership distributions are paid to its partners (general and limited)
from distributable cash from operations, allocated 95% to the limited partners
and 5% to the general partner. Distributions of sales proceeds are allocated 99%
to the limited partners and 1% to the general partner. The allocations remain in
effect until such time as the limited partners have received from the
Partnership aggregate distributions in an amount equal to their capital
contributions plus an 8% cumulative, compounded (daily), annual return on their
adjusted capital contributions. Thereafter, all Partnership distributions will
be allocated 85% to the limited partners and 15% to the general partner.

The Registrant will not pay or reimburse CCC or the Leasing Company for any
remuneration payable by them to their executive officers, directors or any other
controlling persons. However, the Registrant will reimburse the general partner
and the Leasing Company for certain services pursuant to the Partnership
Agreement. These services include but are not limited to (i) salaries and
related salary expenses for services which could be performed directly for the
Registrant by independent parties, such as legal, accounting, transfer agent,
data processing, operations, communications, duplicating and other such
services; and (ii) performing administrative services necessary to the prudent
operations of the Registrant.

The following table sets forth the fees the Registrant paid (on a cash
basis) to CCC or the Leasing Company (CCL) for the year ended December 31,
2002.

|   |  |      |  |                                                                                                                                                                                  |  |               |         | 
|-- |  | ---- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------- | ------- | 
|   |  |      |  |                                                                                                                                                                                  |  | Cash Fees and
|   |  | Name |  | Description                                                                                                                                                                      |  | Distributions
|   |  |      |  |                                                                                                                                                                                  |  |              
|1) |  | CCL  |  | Base management fees
 equal to 7% of gross lease revenues
attributable to operating leases pursuant to Section 4.3
of the Limited Partnership Agreement                         |  | $             | 328,950 | 
|2) |  | CCC  |  | Reimbursed
administrative expenses  equal to the costs
expended by CCC and its affiliates for services necessary
to the prudent operation of the Registrant pursuant to Section |  | $             | 36,811  | 
|   |  | CCL  |  | 4.4 of the Limited Partnership Agreement                                                                                                                                         |  | $             | 229,209 | 
|3) |  | CCC  |  | Interest in Fund
 5% of distributions of distributable
cashfor any quarter pursuant to Section 6.1 of the
LimitedPartnership Agreement                                          |  | $             | 126,773 | 

33



---



##### 



Item 12. Security Ownership of Certain Beneficial Owners and Management

(a)      Security Ownership of Certain Beneficial Owners

There is no person or group of persons known to the management of CCC to
be the beneficial owner of more than five percent of the outstanding units of
limited partnership interests of the Registrant.

(b)      Security Ownership of Management

The Registrant has no directors or officers. It is managed by CCC. CCC owns
5 units, representing 0.0002% of the total amount of units outstanding.

(c)      Changes in Control

Inapplicable.

Item 13. Certain Relationships and Related Transactions

(a)      Transactions with Management and Others

The Registrants only transactions with management and other related parties
during 2002 were limited to those fees paid or amounts committed to be paid (on
an annual basis) to CCC, the general partner, and its affiliates. See Item 11,
Executive Compensation, herein.

(b)      Certain Business Relationships

Inapplicable.

(c)      Indebtedness of Management

Inapplicable.

(d)       Transactions with Promoters

Inapplicable.

Item 14. Controls and Procedures

The principal executive and principal financial officers of CCC have
evaluated the disclosure controls and procedures of the Registrant within 90
days prior to the filing of this annual report. As used herein, the term
disclosure controls and procedures has the meaning given to the term by Rule
13a-14 under the Securities Exchange Act of 1934, as amended (Exchange Act),
and includes the controls and other procedures of the Registrant that are
designed to ensure that information required to be disclosed by the Registrant
in the reports that it files with the SEC under the Exchange Act is recorded,
processed, summarized and reported within the time periods specified in the
SECs rules and forms. Based upon their evaluation, the principal executive and
principal financial officers of CCC have concluded that the Registrants
disclosure controls and procedures provide reasonable assurance that the
information required to be disclosed by the Registrant in this report is
recorded, processed, summarized and reported within the time periods specified
in the SECs rules and forms applicable to the preparation of this report.

There have been no significant changes in the Registrants internal controls
or in other factors that could significantly affect the Registrants internal
controls subsequent to the evaluation described above conducted by CCCs
principal executive and financial officers.

34



---



##### 



PART IV

Item 15. Exhibits, Financial Statement Schedules and Reports on Form 8-K

|      |  |                                                                                        |      |   
|----- |  | -------------------------------------------------------------------------------------- | ---- | --
|      |  |                                                                                        | Page
|      |  |                                                                                        |     
|(a)1. |  | Financial Statements                                                                   |      |   
|      |  | Independent Auditors Report                                                           |      | 18
|(a)2. |  | The following financial statements of the Registrant are included in Part II, Item 8:  |      |   
|      |  | Balance Sheets  as of December 31, 2002 and 2001                                      |      | 19
|      |  | Statements of Operations  for the years ended December 31, 2002, 2001 and 2000        |      | 20
|      |  | Statements of Partners Capital  for the years ended December 31, 2002, 2001 and 2000 |      | 21
|      |  | Statements of Cash Flows  for the years ended December 31, 2002, 2001 and 2000        |      | 22
|      |  | Notes to Financial Statements                                                          |      | 23

All schedules are omitted as the information is not required or the
information is included in the financial statements or notes thereto.

35



---



##### 





|(a)3. |  | Exhibits
|----- |  | --------

|        |      |                                                                                                                   |                                                                                                |                  |  
|------- | ---- | ----------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------- | ---------------- | -
|Exhibit |      |                                                                                                                   |                                                                                                |                 
|No.     |      | Description                                                                                                       |                                                                                                | Method of Filing
|        |      |                                                                                                                   |                                                                                                |                 
|        | 3(a) |                                                                                                                   | Limited Partnership Agreement of the Registrant, amended
and restated as of September 12, 1988 |                  | *
|        |      |                                                                                                                   |                                                                                                |                 
|3(b)    |      | Certificate of Limited Partnership of the Registrant                                                              |                                                                                                | **              
|        |      |                                                                                                                   |                                                                                                |                 
|10      |      | Form of Leasing Agent Agreement with Cronos Containers
Limited                                                    |                                                                                                | ***             
|        |      |                                                                                                                   |                                                                                                |                 
|99.1    |      | Certification pursuant to 18 U.S.C. § 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of
2002. |                                                                                                | ****            
|        |      |                                                                                                                   |                                                                                                |                 
|99.2    |      | Certification pursuant to 18 U.S.C. § 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of
2002. |                                                                                                | ****            



|(b) |  | Reports on Form 8-K                                                                            
|--- |  | -----------------------------------------------------------------------------------------------
|   
|    |  | No reports on Form 8-K were filed by the Registrant during the quarter
ended December 31, 2002.



---

|*    |  | Incorporated by reference to Exhibit A to the Prospectus of the
Registrant dated September 12, 1988, included as part of Registration
Statement on Form S-1 (No. 33-23321)                                                                                                                                                                              
|---- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    
|**   |  | Incorporated by reference to Exhibit 3.4 to the Registration Statement on
Form S-1 (No. 33-23321)                                                                                                                                                                                                                                                         
|    
|***  |  | Incorporated by reference to Exhibit 10.2 to the Registration Statement on
Form S-1 (No. 33-42697)                                                                                                                                                                                                                                                        
|    
|**** |  | These two certifications, required by Section 906 of the Sarbanes-Oxley
Act of 2002, other than as required by Section 906, are not deemed to be
filed with the Commission or subject to the rules and regulations
promulgated by the Commission under the Securities Exchange Act of 1934,
as amended, or to the liabilities of Section 18 of said Act.

36



---



##### 



SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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 XIV, 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                    

Date: March 25, 2003

Pursuant to the requirement of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of Cronos
Capital Corp., the managing general partner of the Registrant, in the capacities
and on the dates indicated:

|                 |                      |                              |                                |                |  |  |  |  | 
|---------------- | -------------------- | ---------------------------- | ------------------------------ | -------------- |  |  |  |  | 
|Signature        |                      | Title                        |                                | Date          
|                 |                      |                              |                                |                |  |  |  | 
|                 | /s/ Dennis J. Tietz  |                              | President and Director of      |                |  |  | 
|                 |                      | Cronos Capital Corp          |                                | March 25, 2003
|Dennis J. Tietz  |                      | (CCC) (Principal Executive |                                |                |  | 
|                 |                      | Officer of CCC)              |                                |                |  | 
|                 |                      |                              |                                |                |  |  |  | 
|                 | /s/ John Kallas      |                              | Chief Financial Officer and    |                |  |  | 
|                 |                      | Director of                  |                                | March 25, 2003
|John Kallas      |                      | Cronos Capital
Corp. (CCC) |                                |                |  | 
|                 |                      | (Principal Financial and     |                                |                |  | 
|                 |                      | Accounting Officer of CCC)   |                                |                |  | 
|                 |                      |                              |                                |                |  |  |  | 
|                 | /s/ Elinor A. Wexler |                              | Vice President-Administration, |                |  |  | 
|                 |                      | Secretary and Director of    |                                | March 25, 2003
|Elinor A. Wexler |                      | Cronos Capital Corp.         |                                |                |  | 

Supplemental Information



The Registrants annual report will be furnished to its limited partners on
or about April 30, 2003. Copies of the annual report will be concurrently
furnished to the Commission for information purposes only, and shall not
be deemed to be filed with the Commission.






---



##### 



Cronos Global Income Fund XIV

CERTIFICATIONS
(Exchange Act Rule 13a-14)

I, Dennis J. Tietz, certify that:

1.    I have reviewed this annual report on Form 10-K of Cronos Global Income Fund XIV (the Registrant);

2.    Based on my knowledge, this annual report does not contain any
untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this
annual report;

3.    Based on my knowledge, the financial statements, and other financial
information included in this annual report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
Registrant as of, and for, the periods presented in this annual report;

4.    The other certifying officer of Cronos Capital Corp. (CCC), the
General Partner of the Registrant, and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules
13a-14 and 15d-14) for the Registrant and we have:

(a)    designed such disclosure controls and procedures to ensure that
material information relating to the Registrant is made known to us by others
within CCC, particularly during the period in which this annual report is being
prepared;

(b)    evaluated the effectiveness of the Registrants disclosure controls
and procedures as of a date within 90 days prior to the filing date of this
annual report (the Evaluation Date); and

(c)    presented in this annual report our conclusions about the
effectiveness of the disclosure controls and procedures based on our evaluation
as of the Evaluation Date;

5.    CCCs other certifying officer and I have disclosed, based on our
most recent evaluation, to the Registrants auditors and the Board of Directors
of CCC:

(a)    all significant deficiencies in the design or operation of internal
controls which could adversely affect the Registrants ability to record,
process, summarize and report financial data and have identified for the
Registrants auditors any material weaknesses in internal controls; and

(b)    any fraud, whether or not material, that involves management or
other employees who have a significant role in the Registrants internal
controls; and

6.    CCCs other certifying officer of CCC and I have indicated in this
annual report whether or not there were significant changes in internal controls
or in other factors that could significantly affect internal controls subsequent
to the date of our most recent evaluation, including any corrective actions with
regard to significant deficiencies and material weaknesses.

Date:   March 25, 2003

/s/ DENNIS J TIETZ

Dennis J Tietz
President and Chief Executive Officer of CCC





---



##### 



Cronos Global Income Fund XIV

CERTIFICATIONS
(Exchange Act Rule 13a-14)

I, John Kallas, certify that:

1.    I have reviewed this annual report on Form 10-K of Cronos Global Income Fund XIV (the Registrant);

2.    Based on my knowledge, this annual report does not contain any
untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this
annual report;

3.    Based on my knowledge, the financial statements, and other financial
information included in this annual report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
Registrant as of, and for, the periods presented in this annual report;

4.    The other certifying officer of Cronos Capital Corp. (CCC), the
General Partner of the Registrant, and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules
13a-14 and 15d-14) for the Registrant and we have:

(a)    designed such disclosure controls and procedures to ensure that
material information relating to the Registrant is made known to us by others
within CCC, particularly during the period in which this annual report is being
prepared;

(b)    evaluated the effectiveness of the Registrants disclosure controls
and procedures as of a date within 90 days prior to the filing date of this
annual report (the Evaluation Date); and

(c)    presented in this annual report our conclusions about the
effectiveness of the disclosure controls and procedures based on our evaluation
as of the Evaluation Date;

5.    CCCs other certifying officer and I have disclosed, based on our
most recent evaluation, to the Registrants auditors and the Board of Directors
of CCC:

(a)    all significant deficiencies in the design or operation of internal
controls which could adversely affect the Registrants ability to record,
process, summarize and report financial data and have identified for the
Registrants auditors any material weaknesses in internal controls; and

(b)    any fraud, whether or not material, that involves management or
other employees who have a significant role in the Registrants internal
controls; and

6.    CCCs other certifying officer of CCC and I have indicated in this
annual report whether or not there were significant changes in internal controls
or in other factors that could significantly affect internal controls subsequent
to the date of our most recent evaluation, including any corrective actions with
regard to significant deficiencies and material weaknesses.

Date:   March 25, 2003

/s/ JOHN KALLAS
John Kallas
Chief Financial Officer of CCC





---



##### 



Exhibit Index

|        |      |                                                                                                                   |                                                                                                |                  |  
|------- | ---- | ----------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------- | ---------------- | -
|Exhibit |      |                                                                                                                   |                                                                                                |                 
|No.     |      | Description                                                                                                       |                                                                                                | Method of Filing
|        |      |                                                                                                                   |                                                                                                |                 
|        | 3(a) |                                                                                                                   | Limited Partnership Agreement of the Registrant, amended
and restated as of September 12, 1988 |                  | *
|        |      |                                                                                                                   |                                                                                                |                 
|3(b)    |      | Certificate of Limited Partnership of the Registrant                                                              |                                                                                                | **              
|        |      |                                                                                                                   |                                                                                                |                 
|10      |      | Form of Leasing Agent Agreement with Cronos Containers
Limited                                                    |                                                                                                | ***             
|        |      |                                                                                                                   |                                                                                                |                 
|99.1    |      | Certification pursuant to 18 U.S.C. § 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of
2002. |                                                                                                | ****            
|        |      |                                                                                                                   |                                                                                                |                 
|99.2    |      | Certification pursuant to 18 U.S.C. § 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of
2002. |                                                                                                | ****            



|(b) |  | Reports on Form 8-K                                                                            
|--- |  | -----------------------------------------------------------------------------------------------
|   
|    |  | No reports on Form 8-K were filed by the Registrant during the quarter
ended December 31, 2002.



---

|*    |  | Incorporated by reference to Exhibit A to the Prospectus of the
Registrant dated September 12, 1988, included as part of Registration
Statement on Form S-1 (No. 33-23321)                                                                                                                                                                              
|---- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    
|**   |  | Incorporated by reference to Exhibit 3.4 to the Registration Statement on
Form S-1 (No. 33-23321)                                                                                                                                                                                                                                                         
|    
|***  |  | Incorporated by reference to Exhibit 10.2 to the Registration Statement on
Form S-1 (No. 33-42697)                                                                                                                                                                                                                                                        
|    
|**** |  | These two certifications, required by Section 906 of the Sarbanes-Oxley
Act of 2002, other than as required by Section 906, are not deemed to be
filed with the Commission or subject to the rules and regulations
promulgated by the Commission under the Securities Exchange Act of 1934,
as amended, or to the liabilities of Section 18 of said Act.