##### Table of Contents



UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-K
 þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended December 31, 2006
 OR
 o
    
    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.
  California
    
    94-3163375(State or other jurisdiction of
    
    (I.R.S. Employer Identification No.)incorporation or organization)
 
   Title of each class
    
    Name of each exchange on
which registeredNot Applicable
  UNITS OF LIMITED PARTNERSHIP INTERESTS
 o þ
 o þ
 þ o
 þ
  o o þ
 o þ




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##### 



CRONOS GLOBAL INCOME FUND XIV, L.P.
 Report on Form 10-K for the Fiscal Year
Ended December 31, 2006
 TABLE OF CONTENTS
 PAGEPART I
    
    
    3Item 1  Business
    
    
    3Item 1A  Risk Factors
    
    
    10Item 1B  Unresolved Staff Comments
    
    
    14Item 2  Properties
    
    
    14Item 3  Legal Proceedings
    
    
    14Item 4  Submission of Matters to a Vote of Security Holders
    
    
    14PART II
    
    
    15Item 5  Market for the Registrants Common Equity and Related Stockholder Matters
    
    
    15Item 6  Selected Financial Data
    
    
    16Item 7  Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    16Item 7A Quantitative and Qualitative Disclosures About Market Risk
    
    
    23Item 8  Financial Statements and Supplementary Data
    
    
    23Item 9  Changes In and Disagreements with Accountants on Accounting and Financial Disclosure
    
    
    37Item 9A  Controls and Procedures
    
    
    37Item 9B  Other Information
    
    
    37PART III
    
    
    38Item 10  Directors and Executive Officers of the Registrant
    
    
    38Item 11  Executive Compensation
    
    
    40Item 12  Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
    
    
    41Item 13  Certain Relationships and Related Transactions
    
    
    41Item 14  Principal Accountant Fees and Services
    
    
    42PART IV
    
    
    43Item 15  Exhibits and Financial Statement Schedules
    
    
    43EXHIBIT 31.1EXHIBIT 31.2EXHIBIT 32
  2




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##### Table of Contents



PART I
 
 Item 1. Business
    Percentage ofAmount
    
    
    Gross ProceedsGross 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
    %
     3




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##### Table of Contents



2006
    
    
    2005
    
    
    2004Dry cargo containers
    
    $
    1,673,850
    
    
    $
    2,455,773
    
    
    $
    2,879,752Refrigerated containers
    
    
    457,897
    
    
    
    807,607
    
    
    
    1,263,320Total
    
    $
    2,131,747
    
    
    $
    3,263,380
    
    
    $
    4,143,072
      4




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##### Table of Contents



Benefits of Leasing
  
    
    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 trade routes and market shares at a relatively
low 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 minimizing storage costs;
    
    Leasing provides shipping lines with the flexibility to respond to rapidly changing market
opportunities as they arise without relying exclusively on their own containers; and
    
    Leasing allows shipping lines to benefit from the relationship between container manufacturers
and leasing companies.
 Fleet Profile
     5




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##### Table of Contents



Dry Cargo Containers
    
    Refrigerated Containers40-Foot20-Foot
    
    40-Foot
    
    High-Cube
    
    20-Foot
    
    40-FootContainers on lease:Master lease
    
    
    2,371
    
    
    
    727
    
    
    
    118
    
    
    
    108
    
    
    
    4Term leaseShort term1
    
    
    1,215
    
    
    
    511
    
    
    
    18
    
    
    
    20
    
    
    
    Long term2
    
    
    236
    
    
    
    34
    
    
    
    2
    
    
    
    2
    
    
    
    Sales-type lease
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2
    
    
    
    1Subtotal
    
    
    3,822
    
    
    
    1,272
    
    
    
    138
    
    
    
    132
    
    
    
    5Containers off lease
    
    
    136
    
    
    
    83
    
    
    
    10
    
    
    
    53
    
    
    
    1Total container fleet
    
    
    3,958
    
    
    
    1,355
    
    
    
    148
    
    
    
    185
    
    
    
    6
 
 1.

    Short term leases represent term leases that are either
scheduled for renegotiation or that may expire in 2007.2.

    Long term leases represent term leases, the majority of which
will expire between 2008 and 2011.  Types of Leases
  
    
    Master leases.Master leases are leases under which a customer may 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 them to pick up
and drop off containers where and when needed, subject to restrictions and availability, on
pre-agreed terms. Master leases also define the number of containers that may be returned
within each calendar month, the permitted 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 revenue (including pick-up, drop-off, handling and
off-hire fees) than term leases. Ocean carriers generally use master 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. The commercial terms of master leases are usually negotiated or renewed
annually.
    
    Term leases.Term leases are for a fixed period of time, typically varying from three
to five years. In most cases, containers cannot be returned prior to the expiration of the
lease. Term lease agreements may contain early termination penalties that apply in the
event of early redelivery. Term leases provide greater revenue stability to the lessor,
usually at lower lease rates than master leases. Ocean carriers use term leases to lower
their operating costs when they have a need for an identified number of containers for a
specified term.
    
    Sales-type leases.Sales-type leases are long-term in nature, usually ranging from
three to seven years, and require relatively low levels of customer service. They
ordinarily require fixed payments over a defined period and provide customers with an
option to purchase the subject containers at the end of the lease term. Per-diem rates
include an element of repayment of capital and therefore are usually higher than rates
charged under either term or master leases.
 6




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Customers
    Repair and Maintenance
   Disposition of Used Containers
  7




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Operations
      Insurance
      8




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9




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Item 1A. Risk Factors
    Dependence of the Container Leasing Business on the Volume of World Trade and Other Factors
 10




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Risks of Ownership and Leasing of Special Purpose Containers
 Risk of Terrorism Involving Containers
 Other Risks of Container Leasing
 
    
    general economic conditions, such as inflation and fluctuations in general
business conditions;
    
    fluctuations in supply and demand for containers 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;
    
    increases in maintenance expenses, taxes, insurance costs, third party fees and
other expenses attributable to the operation and the maintenance of the containers that
cannot be offset by increased lease revenues from the containers;
    
    the risk of uninsured losses with respect to the containers or insured losses for
which insurance proceeds are inadequate, resulting in a possible loss of invested capital in
and any profits anticipated from such containers;
    
    the effects of strikes, labor disputes and foreign political unrest on the
Partnerships container leasing business;
    
    bankruptcies, contract disputes, or defaults in payment by sub-lessees of the
Partnerships containers resulting in uncollectible amounts and the accumulation of expenses
and off-lease time attributable to the recovery of containers, or the inability to recover
containers from such lessees;
    
    the possibility that sub-lessees of the Partnerships containers will elect to
purchase and own equipment rather than lease it from third parties, including the Leasing
Company; and
    
    loss of revenues and increases in storage expenses during periods when containers
are not being utilized.
 Effect of Operating Leases: Rental Payments are Insufficient to Return the Original
Investment in the Containers.
 11




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##### Table of Contents



Residual Value of Containers
 Competition
 No Assurance of Successful Operations.
 Defaults by Lessees
 Effect of Environmental Regulation on Refrigerated Containers
 Environmental Liability Risks
 12




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Risk Associated with the Operations of an Equipment Leasing Business in Partnership Form
 Reliance Upon CCC and the Leasing Company.
 Dependence Upon Key Personnel.
 Conflicts of Interest
 Compensation of CCC and the Leasing Company.
 Return of Capital.
 Lack of Liquidity
 Limited Voting Rights of Limited Partners.
 Unspecified Lessees
 Limited Liability Not Clearly Established.
 13




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##### Table of Contents



Item 1B. Unresolved Staff Comments
  
 Item 2. Properties
  EstimatedUseful Life
    
    Average Age
    
    Average Cost20-Foot Dry Cargo Containers
    
    12-15 years
    
    14 years
    
    $
    2,43640-Foot Dry Cargo Containers
    
    12-15 years
    
    14 years
    
    $
    4,14640-Foot High-Cube Dry Cargo Containers
    
    12-15 years
    
    9 years
    
    $
    3,21320-Foot Refrigerated Containers
    
    12-15 years
    
    12 years
    
    $
    17,67140-Foot Refrigerated Containers
    
    12-15 years
    
    14 years
    
    $
    19,392
   
 Item 3. Legal
  
 Item 4. Submission of Matters to a Vote of Security Holders
  14




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PART II
 
 Item 5. Market for the Partnerships Common Equity and Related Stockholder Matters
   (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, 2006Units of limited partnership interests
    
    
    3,980
       15




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##### Table of Contents



Item 6. Selected Financial Data
 Year Ended December 31,2006
    
    2005
    
    2004
    
    2003
    
    2002Net lease revenue
    
    $
    1,671,467
    
    
    $
    2,466,199
    
    
    $
    42,866,160
    
    
    $
    2,602,764
    
    
    $
    2,626,409Net income (loss)
    
    $
    491,632
    
    
    $
    571,567
    
    
    $
    (78,371
    )
    
    $
    (402,067
    )
    
    $
    (986,224
    )Limited partners share of net
income (loss) (per unit basis)
    
    $
    .04
    
    
    $
    0.14
    
    
    $
    (0.06
    )
    
    $
    (0.13
    )
    
    $
    (0.33
    )Cash distributions per unit of
limited partnership interest
    
    $
    1.37
    
    
    $
    1.66
    
    
    $
    1.22
    
    
    $
    1.26
    
    
    $
    1.01At year-end:Total assets
    
    $
    5,548,523
    
    
    $
    9,268,530
    
    
    $
    13,829,071
    
    
    $
    17,680,268
    
    
    $
    21,989,754Partners capital
    
    $
    5,548,523
    
    
    $
    9,268,530
    
    
    $
    13,829,071
    
    
    $
    17,680,268
    
    
    $
    21,989,754
 
 Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations
    Liquidity and Capital Resources
  16




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Cash from Operating Activities:
 Cash from Investing Activities:
 Cash from Financing Activities:
 Off-Balance Sheet Arrangements
  17




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Contractual Obligations
  Results of Operations
 Market Overview
   
    
    Activity-related expenses, including agent and depot costs such as repairs,
maintenance and handling.
    
    Inventory-related expenses for off-hire containers, comprising of storage and
repositioning costs. These costs are sensitive to the quantity of off-hire containers as
well as the frequency at which containers are re-delivered.
    
    Legal and other expenses, including legal costs related to the recovery of
containers and doubtful accounts, insurance and provisions for doubtful accounts.
  Dry Cargo Containers
    
    Refrigerated Containers40-Foot20-Foot
    
    40-Foot
    
    High-Cube
    
    20-Foot
    
    40-FootContainers on lease:Master lease
    
    
    2,371
    
    
    
    727
    
    
    
    118
    
    
    
    108
    
    
    
    4Term leaseShort term1
    
    
    1,215
    
    
    
    511
    
    
    
    18
    
    
    
    20
    
    
    
    Long term2
    
    
    236
    
    
    
    34
    
    
    
    2
    
    
    
    2
    
    
    
    Sales-type lease
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2
    
    
    
    1Subtotal
    
    
    3,822
    
    
    
    1,272
    
    
    
    138
    
    
    
    132
    
    
    
    5Containers off lease
    
    
    136
    
    
    
    83
    
    
    
    10
    
    
    
    53
    
    
    
    1Total container fleet
    
    
    3,958
    
    
    
    1,355
    
    
    
    148
    
    
    
    185
    
    
    
    6
 
 1.
    Short term leases represent term leases that are either scheduled for
renegotiation or that may expire in 2007.2.
       Long term leases represent term leases, the majority of which will expire
between 2008 and 2011. Dry Cargo
    
    RefrigeratedContainers
    
    Containers40-Foot20-Foot
    
    40-Foot
    
    High-Cube
    
    20-Foot
    
    40-FootUnits
    
    %
    
    Units
    
    %
    
    Units
    
    %
    
    Units
    
    %
    
    Units
    
    %Total purchases
    
    
    8,778
    
    
    
    100
    %
    
    
    3,612
    
    
    
    100
    %
    
    
    216
    
    
    
    100
    %
    
    
    511
    
    
    
    100
    %
    
    
    350
    
    
    
    100
    %Less disposals
    
    
    4,820
    
    
    
    55
    %
    
    
    2,257
    
    
    
    62
    %
    
    
    68
    
    
    
    31
    %
    
    
    326
    
    
    
    64
    %
    
    
    344
    
    
    
    58
    %Remaining fleet at December 31, 2006
    
    
    3,958
    
    
    
    45
    %
    
    
    1,355
    
    
    
    38
    %
    
    
    148
    
    
    
    69
    %
    
    
    185
    
    
    
    36
    %
    
    
    6
    
    
    
    42
    %
 18




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2006
    
    2005
    
    2004Fleet size (measured in
twenty-foot equivalent units (TEU))Dry cargo containers
    
    
    7,952
    
    
    
    10,138
    
    
    
    12,115Refrigerated containers
    
    
    251
    
    
    
    435
    
    
    
    722Average utilization ratesDry cargo containers
    
    
    94
    %
    
    
    94
    %
    
    
    91
    %Refrigerated containers
    
    
    76
    %
    
    
    83
    %
    
    
    84
    %
       19




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Year Ended December 31, 2006 Compared to the Year Ended December 31, 2005
 Net lease revenue
 Depreciation expense
 Other general and administrative expenses
 Net gain on disposal of equipment
  20




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Year Ended December 31, 2005 Compared to the Year Ended December 31, 2004
 Net lease revenue
 Depreciation expense
 Other general and administrative expenses
 Net loss on disposal of equipment
 Critical Accounting Policies
 Container equipment  depreciable lives
 Container equipment  valuation:
 Allowance for doubtful accounts:
 21




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New Accounting Pronouncements
     Inflation
  The Cronos Group
   22




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Item 7A. Quantitative and Qualitative Disclosures About Market Risk
 Exchange rate risk:
 
 Item 8. Financial Statements and Supplementary Data
 23




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##### Table of Contents



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
     
 24




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##### Table of Contents



CRONOS GLOBAL INCOME FUND XIV, L.P.
 
 Balance Sheets
 December 31, 2006 and 2005
 2006
    
    
    2005AssetsCurrent assets:Cash and cash equivalents, includes $1,027,791 in 2006 and
$1,634,572 in 2005 in interest-bearing accounts
    
    $
    1,042,791
    
    
    $
    1,649,572Net lease and other receivables due from Leasing Company
    
    
    334,430
    
    
    
    427,800Total current assets
    
    
    1,377,221
    
    
    
    2,077,372Container rental equipment, at cost
    
    
    19,091,024
    
    
    
    26,037,800Less accumulated depreciation
    
    
    (14,919,722
    )
    
    
    (18,846,642
    )Net container rental equipment
    
    
    4,171,302
    
    
    
    7,191,158Total assets
    
    $
    5,548,523
    
    
    $
    9,268,530Partners CapitalPartners capital (deficit):General partner
    
    $
    (229,740
    )
    
    $
    (470,255
    )Limited partners
    
    
    5,778,263
    
    
    
    9,738,785Total partners capital
    
    $
    5,548,523
    
    
    $
    9,268,530
  25




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CRONOS GLOBAL INCOME FUND XIV, L.P.
 
 Statements of Operations
 For the years ended December 31, 2006, 2005 and 2004
 2006
    
    
    2005
    
    
    2004Net lease revenue
    
    $
    1,671,467
    
    
    $
    2,466,199
    
    
    $
    2,866,160Other operating income (expenses):Depreciation
    
    
    (1,366,245
    )
    
    
    (1,854,427
    )
    
    
    (2,311,304
    )Other general and administrative expenses
    
    
    (153,645
    )
    
    
    (123,739
    )
    
    
    (112,571
    )Net gain (loss) on disposal of equipment
    
    
    281,313
    
    
    
    40,069
    
    
    
    (530,979
    )(1,238,577
    )
    
    
    (1,938,097
    )
    
    
    (2,954,854
    )Income (loss) from operations
    
    
    432,890
    
    
    
    528,102
    
    
    
    (88,694
    )Other income:Interest income
    
    
    58,742
    
    
    
    43,465
    
    
    
    10,323Net income (loss)
    
    $
    491,632
    
    
    $
    571,567
    
    
    $
    (78,371
    )Allocation of net income (loss):General partner
    
    $
    361,164
    
    
    $
    163,562
    
    
    $
    102,365Limited partners
    
    
    130,468
    
    
    
    408,005
    
    
    
    (180,736
    )$
    491,632
    
    
    $
    571,567
    
    
    $
    (78,371
    )Limited partners per unit share of net income (loss)
    
    $
    0.04
    
    
    $
    0.14
    
    
    $
    (0.06
    )
  26




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CRONOS GLOBAL INCOME FUND XIV, L.P.
 
 Statements of Partners Capital
 For the years ended December 31, 2006, 2005 and 2004
 Limited
    
    
    GeneralPartners
    
    
    Partner
    
    
    TotalBalances at January 1, 2004
    
    $
    18,103,839
    
    
    $
    (423,571
    )
    
    $
    17,680,268Net (loss) income
    
    
    (180,736
    )
    
    
    102,365
    
    
    
    (78,371
    )Cash distributions
    
    
    (3,630,907
    )
    
    
    (141,919
    )
    
    
    (3,772,826
    )Balances at December 31, 2004
    
    
    14,292,196
    
    
    
    (463,125
    )
    
    
    13,829,071Net income
    
    
    408,005
    
    
    
    163,562
    
    
    
    571,567Cash distributions
    
    
    (4,961,416
    )
    
    
    (170,692
    )
    
    
    (5,132,108
    )Balances at December 31, 2005
    
    
    9,738,785
    
    
    
    (470,255
    )
    
    
    9,268,530Net income
    
    
    130,468
    
    
    
    361,164
    
    
    
    491,632Cash distributions
    
    
    (4,090,990
    )
    
    
    (120,649
    )
    
    
    (4,211,639
    )Balances at December 31, 2006
    
    $
    5,778,263
    
    
    $
    (229,740
    )
    
    $
    5,548,523
  27




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##### Table of Contents



CRONOS GLOBAL INCOME FUND XIV, L.P.
 
 Statements of Cash Flows
 For the years ended December 31, 2006, 2005 and 2004
 2006
    
    
    2005
    
    
    2004Cash flows from operating activities:Net income (loss)
    
    $
    491,632
    
    
    $
    571,567
    
    
    $
    (78,371
    )Adjustments to reconcile net income (loss) to net cash
from operating activities:Depreciation
    
    
    1,366,245
    
    
    
    1,854,427
    
    
    
    2,311,304Net (gain) loss on disposal of equipment
    
    
    (281,313
    )
    
    
    (40,069
    )
    
    
    530,979Decrease (increase) in net lease and other
receivables due from Leasing Company
    
    
    26,560
    
    
    
    (36,867
    )
    
    
    73,850Total adjustments
    
    
    1,111,492
    
    
    
    1,777,491
    
    
    
    2,916,133Net cash provided by operating activities
    
    
    1,603,124
    
    
    
    2,349,058
    
    
    
    2,837,762Cash flows from investing activities:Proceeds from sale of container rental equipment
    
    
    2,001,734
    
    
    
    2,196,735
    
    
    
    1,523,632Cash flows from financing activities:Distributions to general partner
    
    
    (120,649
    )
    
    
    (170,692
    )
    
    
    (141,919
    )Distributions to limited partners
    
    
    (4,090,990
    )
    
    
    (4,961,416
    )
    
    
    (3,630,907
    )Net cash used in financing activities
    
    
    (4,211,639
    )
    
    
    (5,132,108
    )
    
    
    (3,772,826
    )Net (decrease) increase in cash and cash equivalents
    
    
    (606,781
    )
    
    
    (586,315
    )
    
    
    588,568Cash and cash equivalents at beginning of year
    
    
    1,649,572
    
    
    
    2,235,887
    
    
    
    1,647,319Cash and cash equivalents at end of year
    
    $
    1,042,791
    
    
    $
    1,649,572
    
    
    $
    2,235,887
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CRONOS GLOBAL INCOME FUND XIV, L.P.
 
 Notes to Financial Statements
 December 31, 2006, 2005 and 2004
 (1)
    
    Summary of Significant Accounting Policies
 (a)
    
    Nature of OperationsCronos 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. The Partnerships operations
are subject to the fluctuations of world economic and political conditions. The
Partnership believes that the profitability of, and risks associated with, leases to
foreign customers is generally the same as those 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 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.In January 2007, the Partnership will complete its 14th year of operations and has entered
its liquidation phase wherein CCC focuses its attention on the retirement of the remaining
equipment in the Partnerships container fleet. At December 31, 2006, approximately 42% of
the original equipment remained in the Partnerships fleet. CCC will take several factors
into consideration when examining options for the timing of the disposal of the
containers. These factors include the impact of a diminishing fleet size and current
market conditions on the level of gross lease revenue, and fixed operating costs relative
to this revenue. Parallel to these considerations will be a projected increase in
expenses for devoting significant resources to the additional reporting and compliance
requirements of Section 404 of the Sarbanes Oxley Act of 2002, which addresses a range of
corporate governance, disclosure, and accounting issues. These costs may include
increased accounting and administrative expenses for additional staffing and outside
professional services by accountants and consultants. These additional costs, depending
on their materiality, may reduce the Partnerships results from operations and therefore
negatively affect future distributions to the Limited Partners.(b)
    
    Leasing Company and Leasing Agent AgreementA Leasing Agent Agreement exists 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.
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##### Table of Contents



CRONOS GLOBAL INCOME FUND XIV, L.P.
 Notes to Financial Statements
 (1)
    
    Summary of Significant Accounting Policies (continued)
 (b)
    
    Leasing Company and Leasing Agent Agreement (continued)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 RiskThe 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. 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 AccountingThe 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 EstimatesThe financial statements are prepared in conformity with accounting principles generally
accepted in the United States of America (GAAP), which require 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 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, recognition of an impairment of the container rental equipment carrying values
may be necessary based upon changes in market and economic conditions.
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##### Table of Contents



CRONOS GLOBAL INCOME FUND XIV, L.P.
 Notes to Financial Statements
 (1)
    
    Summary of Significant Accounting Policies (continued)
 (f)
    
    Allocation of Net Income or Loss, Partnership Distributions and Partners
CapitalNet income or loss has been allocated between the general and limited partners in
accordance with the Partnership Agreement. The Partnership Agreement generally provides
that CCC shall at all times maintain at least a 1% interest in each item of income or
loss, including the gain arising from the sale of containers. The Partnership Agreement
further provides that the gain arising from the sale of containers be allocated first to
the partners with capital account deficit balances in an amount sufficient to eliminate
any deficit capital account balance. Thereafter, the Partnerships gains arising from the
sale of containers are allocated to the partners in accordance with their share of sale
proceeds distributed. The Partnership Agreement also provides for income (excluding the
gain arising from the sale of containers) for any period, be allocated to CCC in an amount
equal to that portion of CCCs distributions in excess of 1% of the total distributions
made to both CCC and the limited partners of the Partnership for such period, as well as
other allocation adjustments.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 CCC. Distributions of sales
proceeds are allocated 99% to the limited partners and 1% to CCC. 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 CCC. Cash distributions from operations to CCC in excess of 5% of
distributable cash will be considered an incentive fee and will be recorded as
compensation to CCC, with the remaining distributions from operations charged to partners
capital.Upon dissolution , the assets of the Partnership will be sold and the proceeds thereof
distributed as follows: (i) all of the Partnerships debts and liabilities to persons
other than CCC or the limited partners shall be paid and discharged; (ii) all of the
Partnerships debts and liabilities to CCC and the limited partners shall be paid and
discharged; and (iii) the balance of such proceeds shall be distributed to CCC and the
limited partners in accordance with the positive balances of CCC and the limited partners
capital accounts. CCC shall contribute to the Partnership, if necessary, an amount equal
to the lesser of the deficit balance in its capital account at the time of such
liquidation, or 1.01% of the excess of the Limited Partners capital contribution to the
Partnership over the capital contributions previously made to the Partnership by CCC,
after giving effect to the allocation of income or loss arising from the liquidation of
the Partnerships assets.(g)
    
    Acquisition FeesPursuant 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 EquipmentContainer rental equipment is depreciated over a 15-year life using the straight-line
basis to its salvage value, estimated to be 10% of its original equipment cost.
Depreciation policies are also evaluated to determine whether subsequent events and
circumstances warrant revised estimates of useful lives.In accordance with SFAS No. 144, Accounting for the Impairment or Disposal of Long-Lived
Assets, 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 projecting future cash flows from container rental equipment
operations is prepared annually or upon material changes in market conditions. Current
and projected utilization rates, per-diem rental rates, direct operating expenses, fleet
size and container
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CRONOS GLOBAL INCOME FUND XIV, L.P.
 Notes to Financial Statements
 (1)
    
    Summary of Significant Accounting Policies (continued)
 (h)
    
    Container Rental Equipment (continued)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. There were no impairment charges to the carrying value of container rental
equipment during 2006, 2005 and 2004.(i)
    
    Income TaxesThe 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 PresentationThe 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.Certain prior year amounts in the notes to the financial statements have been reclassified
to conform to the 2006 presentation.(k)
    
    New Accounting PronouncementsIn May 2005, the FASB issued SFAS No. 154  Accounting Changes and Error Corrections  a
replacement of APB Opinion No. 20 and FASB Statement No. 3 (SFAS 154). SFAS 154
requires retrospective application to prior periods financial statements of a voluntary
change in accounting principle unless it is impracticable. APB No. 20 previously required
that most voluntary changes in accounting principle be recognized by including in net
income of the period of the change, the cumulative effect of changing to the new
accounting principle. SFAS 154 is effective for accounting changes and corrections of
errors in fiscal years beginning after December 15, 2005. The Partnership adopted SFAS
154 effective January 1, 2006, with no significant impact on the financial position or
result of operations of the Partnership.In September 2006, the FASB issued SFAS No. 157  Fair Value Measurements (SFAS 157).
SFAS 157 is effective for financial statements for fiscal years beginning after November
17, 2007 and interim periods beginning after that date. Earlier adoption is encouraged,
providing no financial statements have yet been issued during the fiscal year. SFAS 157
defines fair value, the methods used to measure fair value and will require expanded
disclosures about fair value measurements. The Partnership will adopt SFAS 157 on January
1, 2008 but does not expect adoption to have a significant impact on the financial
position or result of operations of the Partnership, however, additional disclosures may
be required about the inputs used to develop the measures and the effect of certain
measures on changes in assets and liabilities for the period.In September 2006, the FASB issued FASB Staff Position No. AUG AIR-1 (FSP AIR-1)
Accounting for Planned Major Maintenance Activities which addresses the accounting for
planned major maintenance activities. FSP AIR-1 is effective for fiscal years beginning
after December 15, 2006, although earlier adoption is permitted as of the beginning of an
entitys fiscal year. The guidance in FSP AIR-1 shall be applied retrospectively for all
financial statements presented, unless it is impracticable to do so. FSP AIR-1 amends
certain provisions in the AICPA Industry Audit Guide, Audits of Airlines and the
Accounting
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##### Table of Contents



CRONOS GLOBAL INCOME FUND XIV, L.P.
 Notes to Financial Statements
 (1)
    
    Summary of Significant Accounting Policies (continued)
 (k)
    
    New Accounting Pronouncements (continued)Principles Board (APB) Opinion No. 28, Interim Financial Reporting. FSP AIR-1
prohibits the use of the accrue-in-advance method of accounting for planned major
maintenance activities in annual and interim financial reporting periods. The Partnership
early adopted FSP AIR-1, effective January 1, 2006, with no significant impact on the
financial position or result of operations of the Partnership. In September 2006, the
Securities and Exchange Commission (the SEC) issued Staff Accounting Bulletin No. 108,
Section N to Topic 1, Considering the Effects of Prior Year Misstatements when
Quantifying Misstatements in Current Year Financial Statements (SAB 108). SAB 108
requires the evaluation of prior year misstatements using both the balance sheet approach
and the income statement approach. In the initial year of adoption, should either approach
result in quantifying an error that is material in the light of quantitative and
qualitative factors, SAB 108 guidance allows for a one-time cumulative effect adjustment
to opening retained earnings. In years subsequent to adoption, previously undetected
misstatements deemed material shall result in the restatement of previously issued
financial statements in accordance with SFAS No. 154  Accounting Changes and Error
Corrections  a replacement of APB Opinion No. 20 and FASB Statement No. 3. SAB 108 is
effective for financial statements for fiscal years ending after November 15, 2006. The
Partnership adopted SAB 108 in 2006 with no significant impact on the financial position
or result of its operations of the Partnership.
 (2)
    
    Operating SegmentAn 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 marine dry cargo and refrigerated containers. As
of December 31, 2006, the Partnership owned 3,958 twenty-foot, 1,355 forty-foot and 148
forty-foot high-cube marine dry cargo containers, as well as 185 twenty-foot and six
forty-foot marine refrigerated 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, 2006, 2005 and 2004 follows:
 2006
    
    
    2005
    
    
    2004Dry cargo containers
    
    $
    1,673,850
    
    
    $
    2,455,773
    
    
    $
    2,879,752Refrigerated containers
    
    
    457,897
    
    
    
    807,607
    
    
    
    1,263,320Total
    
    $
    2,131,747
    
    
    $
    3,263,380
    
    
    $
    4,143,072
 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, the Partnership believes that it does
not possess discernible geographic reporting segments as defined in SFAS No. 131, (SFAS 131),
Disclosures about Segments of an Enterprise and Related Information.The Partnership does not believe that its ongoing business is dependent upon a single
sub-lessee of the Leasing Company, although the loss of one or more of the Leasing Companys
sub-lessees could have an adverse effect upon its business. Two sub-lessees accounted for more
than 10% each of the Leasing Companys rental revenue earned on behalf of the Partnership
during 2006. Mediterranean Shipping Company S.A. (MSC) generated approximately 24% or
$510,290 and Hapag-Lloyd AG (HAPL) generated approximately 13% or $274,121 of the Leasing
Companys rental revenue earned on behalf of the Partnership. During 2005 two sub-lessees of
the Leasing Company each generated more than 10% of the Leasing Companys rental revenue earned
on behalf of the Partnership. MSC generated approximately 19% or $614,129, and Container
Equipment Leasing generated
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##### Table of Contents



CRONOS GLOBAL INCOME FUND XIV, L.P.
 Notes to Financial Statements
 (2)
    
    Operating Segment (continued)approximately 14% or $468,603 of the Leasing Companys rental revenue earned on behalf of the
Partnership. During 2004 one sub-lessee of the Leasing Company, MSC, generated approximately
16% or $671,170 of the
Leasing Companys rental revenue earned on behalf of the Partnership. Substantially all of the
sub-lessees of the Leasing Company are billed and pay in United States dollars.(3)
    
    Cash and Cash EquivalentsCash equivalents include money market funds that invest in highly-liquid 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.(4)
    
    Net Lease and Other Receivables Due from Leasing CompanyNet lease and other 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 and other
receivables at December 31, 2006 and 2005 were as follows:
 December 31,
    
    
    December 31,2006
    
    
    2005Gross lease and other receivables
    
    $
    679,307
    
    
    $
    933,160Less:Direct operating payables and accrued expenses
    
    
    197,703
    
    
    
    332,748Base management fees (receivable)
    
    
    (1,195
    )
    
    
    (1,497
    )Reimbursed administrative expenses
    
    
    8,774
    
    
    
    15,150Allowance for doubtful accounts
    
    
    139,595
    
    
    
    158,959344,877
    
    
    
    505,360Net lease and other receivables
    
    $
    334,430
    
    
    $
    427,800
 (5)
    
    Damage Protection PlanThe 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. Repair costs, when incurred
by this service, are included within rental equipment operating expenses, a component of net
lease revenue. 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.
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##### Table of Contents



CRONOS GLOBAL INCOME FUND XIV, L.P.
 Notes to Financial Statements
 (6)
    
    Net Lease RevenueNet 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, 2006, 2005 and 2004 was as
follows:
 2006
    
    
    2005
    
    
    2004Rental revenue
    
    $
    2,131,747
    
    
    $
    3,263,380
    
    
    $
    4,143,072Less:Rental equipment operating expenses
    
    
    183,423
    
    
    
    383,924
    
    
    
    747,066Base management fees
    
    
    149,414
    
    
    
    225,657
    
    
    
    284,400Reimbursed administrative expenses:Salaries
    
    
    91,085
    
    
    
    134,156
    
    
    
    169,569Other payroll related expenses
    
    
    11,963
    
    
    
    18,880
    
    
    
    21,260General and administrative expenses
    
    
    24,395
    
    
    
    34,564
    
    
    
    54,617127,443
    
    
    
    187,600
    
    
    
    245,446460,280
    
    
    
    797,181
    
    
    
    1,276,912Net lease revenue
    
    $
    1,671,467
    
    
    $
    2,466,199
    
    
    $
    2,866,160
 (7)
    
    Compensation to General Partner and its AffiliatesBase management fees are equal to 7% of the gross lease billings from the leasing of containers
subject to leases whereby the aggregate rental payments due during the initial term of the
lease are less than the purchase price of the equipment subject to the lease. 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:
 2006
    
    
    2005
    
    
    2004Base management feesLeasing Company
    
    $
    149,414
    
    
    $
    225,657
    
    
    $
    284,400Reimbursed administrative expensesCCC
    
    
    16,543
    
    
    
    24,532
    
    
    
    31,396Leasing Company
    
    
    110,900
    
    
    
    163,068
    
    
    
    214,050127,443
    
    
    
    187,600
    
    
    
    245,446$
    276,857
    
    
    $
    413,257
    
    
    $
    529,846
 The following net compensation was payable to CCC and the Leasing Company at December 31,
2006 and 2005:
 2006
    
    
    2005CCC
    
    $
    994
    
    
    $
    2,441Leasing Company
    
    
    6,585
    
    
    
    11,212$
    7,579
    
    
    $
    13,653
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##### Table of Contents



CRONOS GLOBAL INCOME FUND XIV, L.P.
 Notes to Financial Statements
 (8)
    
    Limited Partners CapitalCash distributions made to the limited partners during 2006, 2005 and 2004 included
distributions of proceeds from equipment sales in the amount of $2,225,794, $2,126,322 and
$1,156,421, 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, 2006, 2005 and 2004 was $2, $3
and $5, 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.(9)
    
    The Cronos GroupThe Cronos Group (the Parent Company) announced on February 28, 2007 the proposed sale of the
Parent Company to CRX Acquisition Ltd. (Purchaser), an affiliate of the Fortis group of
companies, which include the Parent Companys lead lender and a partner in the Parent Companys
Joint Venture Program. The Parent Company is the indirect corporate parent of CCC, the general
partner of the Partnership.The Parent Company reported the proposed sale in its 8-K report of March 2, 2007. Consummation
of the transaction requires the approval of the Parent Companys shareholders, which will be
sought at the Parent Companys 2007 annual meeting. The proxy statement for that meeting will
contain detailed disclosures regarding the transaction. As proposed, the transaction consists
of the sale of all of the Parent Companys assets to CRX and the assumption by CRX of all of
its liabilities. In connection with the proposed sale, the Parent Company will submit to its
shareholders a plan of liquidation, providing for the liquidation of the Parent Company
promptly after sale of its assets to CRX and CRXs assumption of the Parent Companys
liabilities. If approved by the Parent Companys shareholders, and the transaction closes, the
Parent Company will liquidate and dissolve, and its business will be continued by CRX as a
private company. The management of the Parent Company will continue as the management of CRX,
and members of the senior management of the Parent Company will acquire an equity interest in
the Purchaser. The Parent Company anticipates a closing of the transaction this summer.CCC does not anticipate any changes in its management, or in the Leasing Companys ability to
manage the Partnerships fleet in subsequent periods, but is unable to determine the impact, if
any, the Parent Companys sale may have on the future operating results, financial condition
and cash flows of the Partnership or CCC.
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##### Table of Contents



Item 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure
  
 Item 9A. Controls and Procedures
   
 Item 9B. Other Information
  37




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##### Table of Contents



PART III
 
 Item 10. Directors and Executive Officers of the Partnership
  Name
    
    OfficeDennis J. Tietz
    
    President, Chief Executive Officer and DirectorJohn Kallas
    
    Vice President, Chief Financial Officer and DirectorElinor A. Wexler
    
    Vice President/Administration, Secretary and DirectorPeter J. Younger
    
    Director
 Dennis J. Tietz
   John Kallas
  Elinor A. Wexler
  Peter J. Younger
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##### Table of Contents



Name
    
    TitlePeter J. Younger
    
    President, Chief Operating Officer of The Cronos GroupJohn M. Foy
    
    Senior Vice President/Pacific RegionJohn C. Kirby
    
    Senior Vice President/North Atlantic RegionFrank P. Vaughan
    
    Director, Leasing CompanyTimothy W. Courtenay
    
    Director, Leasing Company
 Peter J. Younger
 John M. Foy
 John C. Kirby
 Frank P. Vaughan
  Timothy W. Courtenay
 39




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##### Table of Contents



Audit Committee
  Audit Committee Financial Expert
  Code of Ethics
  ir@cronos.com
 Section 16(a) Beneficial Ownership Reporting Compliance
  
 Item 11. Executive Compensation
   40




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##### Table of Contents



Cash Fees andName
    
    Description
    
    Distributions1
    )
    
    CCL
    
    Base management fees  equal to 7% of gross lease billings from the leasing of
containers subject to leases whereby the
aggregate rental payments due during the
initial term of the lease are less than
the purchase price of the equipment
subject to the lease pursuant to Section
4.3 of the Limited Partnership Agreement
    
    $
    149,1132
    )
    
    CCC
    
    Reimbursed administrative expenses - equal to the costs expended by CCC and
    
    $
    17,990CCL
    
    its affiliates for services necessary to
the prudent operation of the Partnership
pursuant to Section 4.4 of the Limited
Partnership Agreement
    
    $
    115,8283
    )
    
    CCC
    
    Interest in Fund - 5% of distributions of distributable cash for any quarter
pursuant to Section 6.1 of the Limited
Partnership Agreement
    
    $
    120,649
 
 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
         
 Item 13. Certain Relationships and Related Transactions
     41




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##### Table of Contents



Item 14. Principal Accountant Fees and Services
  Audit Fees
  Audit-Related Fees
  Tax Fees
  All Other Fees
  42




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##### Table of Contents



PART IV
 
 Item 15. Exhibits and Financial Statement Schedules
 Page(1) Financial StatementsReport of Independent Registered Public Accounting Firm
    
    
    24(2) The following financial statements of the Partnership are included in Part II, Item 8:Balance Sheets  as of December 31, 2006 and 2005
    
    
    25Statements of Operations  for the years ended December 31, 2006, 2005 and 2004
    
    
    26Statements of Partners Capital  for the years ended December 31, 2006, 2005 and 2004
    
    
    27Statements of Cash Flows  for the years ended December 31, 2006, 2005 and 2004
    
    
    28Notes to Financial Statements
    
    
    29
   ExhibitNo.
    
    Description
    
    Method of Filing3(a)
    
    Limited Partnership Agreement of the
Partnership, amended and restated as of
September 12, 1988
    
    *3(b)
    
    Certificate of Limited Partnership
    
    **10
    
    Form of Leasing Agent Agreement with
Cronos Containers Limited
    
    ***31.1
    
    Rule 13a-14 Certification
    
    Filed with this document31.2
    
    Rule 13a-14 Certification
    
    Filed with this document32
    
    Section 1350 Certifications
    
    Filed with this document****
 
 *
    
    Incorporated by reference to Exhibit A to the Prospectus of the Partnership 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)****
    
    This certification, required by Section 906 of the Sarbanes-Oxley Act of 2002, other than as
required by Section 906, is not to be deemed 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. 43




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##### Table of Contents



SIGNATURES
  CRONOS GLOBAL INCOME FUND XIV, L.P.By
    Cronos Capital Corp.The General PartnerBy
    /s/               Dennis J. TietzDennis J. TietzPresident and Director of Cronos Capital Corp. (CCC)
Principal Executive Officer of CCC   Signature
    
    Title
    
    Date/s/ Dennis J. Tietz
    
    President and Director ofDennis J. Tietz
    
    Cronos
Capital Corp.
    
    March 16, 2007(CCC) (Principal ExecutiveOfficer of CCC)/s/ John Kallas
    
    Chief Financial Officer andJohn Kallas
    
    Director
of
    
    March 16, 2007Cronos Capital Corp. (CCC)(Principal Financial andAccounting Officer of CCC)/s/ Elinor A. Wexler
    
    Vice President-Administration,Elinor A. Wexler
    
    Secretary
and Director of
    
    March 16, 2007Cronos Capital Corp.




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##### Table of Contents



Exhibit Index
 ExhibitNo.
    
    Description
    
    Method of Filing3(a)
    
    Limited Partnership Agreement of the
Partnership, amended and restated as of
September 12, 1988
    
    *3(b)
    
    Certificate of Limited Partnership
    
    **10
    
    Form of Leasing Agent Agreement with
Cronos Containers Limited
    
    ***31.1
    
    Rule 13a-14 Certification
    
    Filed with this document31.2
    
    Rule 13a-14 Certification
    
    Filed with this document32
    
    Section 1350 Certifications
    
    Filed with this document****
 
 *
    
    Incorporated by reference to Exhibit A to the Prospectus of the Partnership 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)****
    
    This certification, required by Section 906 of the Sarbanes-Oxley Act of 2002, other than as
required by Section 906, is not to be deemed 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.