Cronos Global Income Fund XV 10-Q 2001 Q3 Quarterly report

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

þ	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2001
OR
	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ________ TO ________

Commission file number 0-23886

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

California	94-3186624
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

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

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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes       ü      . No              .

TABLE OF CONTENTS

PART I — FINANCIAL INFORMATION
Item 1. Financial Statements
	Balance Sheets
	Statements of Operations
	Statements of Cash Flows
	Notes to Unaudited Financial Statements
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
PART II — OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K

CRONOS GLOBAL INCOME FUND XV, L.P.

Report on Form 10-Q for the Quarterly Period
Ended September 30, 2001

TABLE OF CONTENTS

		PAGE
PART I — FINANCIAL INFORMATION
Item 1.	Financial Statements
	Balance Sheets — September 30, 2001 and December 31, 2000 (unaudited)	4
	Statements of Operations for the three and nine months ended September 30, 2001 and 2000 (unaudited)	5
	Statements of Cash Flows for the nine months ended September 30, 2001 and 2000 (unaudited)	6
	Notes to Financial Statements (unaudited)	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	11
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	13
PART II — OTHER INFORMATION
Item 6.	Exhibits and Reports on Form 8-K	14

2

PART I — FINANCIAL INFORMATION

Item 1.	Financial Statements
	Presented herein are the Registrant’s balance sheets as of September 30, 2001 and December 31, 2000, statements of operations for the three and nine months ended September 30, 2001 and 2000, and statements of cash flows for the nine months ended September 30, 2001 and 2000.

3

CRONOS GLOBAL INCOME FUND XV, L.P.

Balance Sheets

(Unaudited)

					September 30,			December 31,
					2001			2000
				Assets
Current assets:
	Cash and cash equivalents, includes $3,718,455 at September 30, 2001 and $3,966,004 at December 31, 2000 in interest-bearing accounts				$	3,735,746		$	4,126,805
	Net lease receivables due from Leasing Company (notes 1 and 2)					916,073			1,376,889
			Total current assets			4,651,819			5,503,694
Container rental equipment, at cost						123,752,860			124,174,507
	Less accumulated depreciation					47,043,890			41,660,323
		Net container rental equipment				76,708,970			82,514,184
			Total assets		$	81,360,789		$	88,017,878
				Partners’ Capital
Partners’ capital (deficit):
	General partner				$	(64,357	)	$	684
	Limited partners					81,425,146			88,017,194
			Total partners’ capital		$	81,360,789		$	88,017,878

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

4

CRONOS GLOBAL INCOME FUND XV, L.P.

Statements of Operations

(Unaudited)

			Three Months Ended					Nine Months Ended
			September 30,			September 30,		September 30,			September 30,
			2001			2000		2001			2000
Net lease revenue (notes 1 and 3)			$	1,637,838		$	2,363,101	$	5,805,895		$	7,555,399
Other operating expenses:
	Depreciation			1,895,009			1,810,019		5,542,841			5,426,645
	Other general and administrative expenses			59,063			45,098		239,037			148,320
				1,954,072			1,855,117		5,781,878			5,574,965
		Income (loss) from operations		(316,234	)		507,984		24,017			1,980,434
Other (loss) income:
	Interest income			26,966			46,459		118,560			136,363
	Net (loss) gain on disposal of equipment			(2,248	)		14,683		(734	)		50,157
				24,718			61,142		117,826			186,520
		Net (loss) income	$	(291,516	)	$	569,126	$	141,843		$	2,166,954
Allocation of net (loss) income:
	General partner		$	73,619		$	118,090	$	266,151		$	369,932
	Limited partners			(365,135	)		451,036		(124,308	)		1,797,022
			$	(291,516	)	$	569,126	$	141,843		$	2,166,954
Limited partners’ per unit share of net income (loss)			$	(0.05	)	$	0.06	$	(0.02	)	$	0.25

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

5

CRONOS GLOBAL INCOME FUND XV, L.P.

Statements of Cash Flows

(Unaudited)

		Nine Months Ended
		September 30,			September 30,
		2001			2000
Net cash provided by operating activities		$	6,039,836		$	8,849,825
Cash provided by investing activities:
	Proceeds from disposal of equipment		368,037			322,634
	Purchase of container rental equipment		—			(161,650	)
	Acquisition fees paid to general partner		—			(8,083	)
	Net cash provided by investing activities		368,037			152,901
Cash used in financing activities:
	Distribution to partners		(6,798,932	)		(7,465,276	)
Net (decrease) increase in cash and cash equivalents			(391,059	)		1,537,450
Cash and cash equivalents at January 1			4,126,805			3,214,151
Cash and cash equivalents at September 30		$	3,735,746		$	4,751,601

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

6

CRONOS GLOBAL INCOME FUND XV, L.P.

Notes to Unaudited Financial Statements

(1) Summary of Significant Accounting Policies

(a)	Nature of Operations
	Cronos Global Income Fund XV, L.P. (the “Partnership”) is a limited partnership organized under the laws of the State of California on August 26, 1993, for the purpose of owning and leasing marine cargo containers, special purpose containers and container related equipment worldwide to ocean carriers. To this extent, the Partnership’s operations are subject to the fluctuations of world economic and political conditions. Such factors may affect the pattern and levels of world trade. The Partnership believes that the profitability of, and risks associated with, leases to foreign customers is generally the same as those of leases to domestic customers. The Partnership’s leases generally require all payments to be made in United States currency.
	Cronos Capital Corp. (“CCC”) is the general partner and, with its affiliate Cronos Containers Limited (the “Leasing Company”), manages the business of the Partnership. CCC and the Leasing Company also manage the container leasing business for other partnerships affiliated with the general partner. The Partnership shall continue until December 31, 2012, unless sooner terminated upon the occurrence of certain events.
	The Partnership commenced operations on February 22, 1994, when the minimum subscription proceeds of $2,000,000 were received from over 100 subscribers (excluding from such count Pennsylvania residents, the general partner, and all affiliates of the general partner). The Partnership offered 7,500,000 units of limited partnership interest at $20 per unit or $150,000,000. The offering terminated on December 15, 1995, at which time 7,151,569 limited partnership units had been sold.
(b)	Leasing Company and Leasing Agent Agreement
	The Partnership has entered into a Leasing Agent Agreement whereby the Leasing Company has the responsibility to manage the leasing operations of all equipment owned by the Partnership. Pursuant to the Agreement, the Leasing Company is responsible for leasing, managing and re-leasing the Partnership’s containers to ocean carriers, and has full discretion over which ocean carriers and suppliers of goods and services it may deal with. The Leasing Agent Agreement permits the Leasing Company to use the containers owned by the Partnership, together with other containers owned or managed by the Leasing Company and its affiliates, as part of a single fleet operated without regard to ownership. Since the Leasing Agent Agreement meets the definition of an operating lease in Statement of Financial Accounting Standards (SFAS) No. 13, it is accounted for as a lease under which the Partnership is lessor and the Leasing Company is lessee.
	The Leasing Agent Agreement generally provides that the Leasing Company will make payments to the Partnership based upon rentals collected from ocean carriers after deducting direct operating expenses and management fees to CCC and the Leasing Company. The Leasing Company leases containers to ocean carriers, generally under operating leases which are either master leases or term leases (mostly one to five years). Master leases do not specify the exact number of containers to be leased or the term that each container will remain on hire but allow the ocean carrier to pick up and drop off containers at various locations, and rentals are based upon the number of containers used and the applicable per-diem rate. Accordingly, rentals under master leases are all variable and contingent upon the number of containers used. Most containers are leased to ocean carriers under master leases; leasing agreements with fixed payment terms are not material to the financial statements. Since there are no material minimum lease rentals, no disclosure of minimum lease rentals is provided in these financial statements.

(Continued)

7

CRONOS GLOBAL INCOME FUND XV, L.P.

Notes to Unaudited Financial Statements

(c)	Basis of Accounting
	The Partnership utilizes the accrual method of accounting. Net lease revenue is recorded by the Partnership in each period based upon its leasing agent agreement with the Leasing Company. Net lease revenue is generally dependent upon operating lease rentals from operating lease agreements between the Leasing Company and its various lessees, less direct operating expenses and management fees due in respect of the containers specified in each operating lease agreement.
(d)	Depreciation of Rental Equipment
	Effective June 1, 2001, the estimated depreciable life has been changed from a twelve-year life to a fifteen-year life and the estimated salvage value has been changed from 30% to 10% of the original equipment cost. The effect of these changes is an increase to depreciation expense of approximately $119,300 from June 1 to September 30, 2001.
(e)	Financial Statement Presentation
	These financial statements have been prepared without audit. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting procedures have been omitted. It is suggested that these financial statements be read in conjunction with the financial statements and accompanying notes in the Partnership’s latest annual report on Form 10-K.
	The financial statements are prepared in conformity with accounting principles generally accepted in the United States 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 interim financial statements presented herewith reflect all adjustments of a normal recurring nature which are, in the opinion of management, necessary to a fair statement of the financial condition and results of operations for the interim period presented. The results of operations for such interim periods are not necessarily indicative of the results to be expected for the full year.

(Continued)

8

CRONOS GLOBAL INCOME FUND XV, L.P.

Notes to Unaudited Financial Statements

(2)

Net Lease Receivables Due from Leasing Company

Net lease receivables due from the Leasing Company are determined by deducting direct operating payables and accrued expenses, base management fees payable, and reimbursed administrative expenses payable to CCC and its affiliates from the rental billings earned by the Leasing Company under operating leases to ocean carriers for the containers owned by the Partnership. Net lease receivables at September 30, 2001 and December 31, 2000 were as follows:

	September 30,		December 31,
	2001		2000
Gross lease receivables	$	2,813,220	$	3,555,903
Less:
Direct operating payables and accrued expenses		1,235,069		988,524
Damage protection reserve		104,761		353,669
Base management fees		184,594		325,402
Reimbursed administrative expenses		85,107		175,266
Allowance for doubtful accounts		287,616		336,153
Net lease receivables	$	916,073	$	1,376,889

(3)

Net Lease Revenue

Net lease revenue is determined by deducting direct operating expenses, base management fees and reimbursed administrative expenses to CCC and its affiliates from the rental revenue earned by the Leasing Company under operating leases to ocean carriers for the containers owned by the Partnership. Net lease revenue for the three and nine-month periods ended September 30, 2001 and 2000 were as follows:

	Three Months Ended				Nine Months Ended
	September 30,		September 30,		September 30,		September 30,
	2001		2000		2001		2000
Rental revenue (note 4)	$	3,312,737	$	4,019,836	$	10,299,492	$	12,231,806
Less:
Rental equipment operating expenses		1,268,878		1,223,452		3,249,826		3,166,303
Base management fees		227,632		271,892		706,632		836,194
Reimbursed administrative expenses		178,389		161,391		537,139		673,910
	$	1,637,838	$	2,363,101	$	5,805,895	$	7,555,399

(Continued)

9

CRONOS GLOBAL INCOME FUND XV, L.P.

Notes to Unaudited Financial Statements

(4)	Operating Segment
	The Financial Accounting Standards Board has issued SFAS No. 131, “Disclosures about Segments of an Enterprise and Related Information,” which changes the way public business enterprises report financial and descriptive information about reportable operating segments. An operating segment is a component of an enterprise that engages in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the enterprise’s chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and about which separate financial information is available. Management operates the Partnership’s container fleet as a homogenous unit and has determined, after considering the requirements of SFAS No. 131, that as such it has a single reportable operating segment.
	The Partnership derives its revenues from leasing marine cargo containers. As of September 30, 2001, the Partnership operated 25,608 twenty-foot, 8,586 forty-foot and 2,125 forty-foot high-cube marine dry cargo containers, 461 twenty-foot and 99 forty-foot high-cube refrigerated cargo containers, and 225 twenty-four thousand-liter tanks. A summary of gross lease revenue, by product, for the three and nine-month periods ended September 30, 2001 and 2000 follows:

	Three Months Ended				Nine Months Ended
	September 30,		September 30,		September 30,		September 30,
	2001		2000		2001		2000
Dry cargo containers	$	2,733,136	$	3,366,954	$	8,583,024	$	10,250,662
Refrigerated containers		407,855		470,500		1,205,029		1,425,719
Tank containers		171,746		182,382		511,439		555,425
Total	$	3,312,737	$	4,019,836	$	10,299,492	$	12,231,806

	Due to the Partnership’s lack of information regarding the physical location of its fleet of containers when on lease in the global shipping trade, it is impracticable to provide the geographic area information required by SFAS No. 131.
(5)	New Accounting Pronouncements
	In August 2001, the Financial Accounting Standards Board issued SFAS No. 143, “Accounting for Asset Retirement Obligations”, which is effective for all fiscal years beginning after June 15, 2002. This standard requires a company to record the fair value of a liability for an asset retirement obligation in the period in which it is incurred, and a corresponding increase in the carrying value of the related long-lived asset. During October 2001, the Financial Accounting Standards Board issued SFAS No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets”, which is effective for all fiscal years beginning after December 15, 2001. SFAS No. 144 supersedes SFAS No. 121, but retains its fundamental provisions relating to the recognition and measurement of the impairment of long-lived assets to be held and used, and the measurement of long lived assets to be disposed of by sale. The Registrant has not yet determined the effect of adoption of either SFAS 143 or SFAS 144 on its financial position and results of operations.

******

10

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

It is suggested that the following discussion be read in conjunction with the Registrant’s most recent annual report on Form 10-K.

General

The Registrant has entered into a Leasing Agent Agreement whereby the Leasing Company has the responsibility to manage the leasing operations of all equipment owned by the 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.

The demand for dry cargo containers has continued to be adversely affected by the slowdown in the global economy and the resulting excess supply of containers. The terrorist attacks of September 11, 2001 resulted in further disruptions of global business activities and raised further questions as to the short-term direction of the global economy. Transpacific trade, a large proportion of which consists of technology-related goods, has been largely affected by the slowdown of the US economy. For the first time in many years, the aggregate GDP growth rates of the United States, Europe, and Japan have decelerated, contributing to lower utilization rates and higher container inventories throughout the world. Container imbalances for all trade routes involving Asia are expected to continue throughout the remainder of the year and through the first half of 2002. As a result of the increasing container inventories worldwide, the production of new containers has declined. Although a slowdown in new container production could have positive short and long-term effects for the container leasing industry, a reduction in new containers will not have a significant impact without an easing of current market constraints and a strengthening of the world’s economies. In response to the foregoing, the Leasing Company continues to implement a number of marketing initiatives which are designed to target identified leasing opportunities and enhance inventory management of the Registrant’s fleet.

The Registrant’s average fleet size and utilization rates for the three and nine-month periods ended September 30, 2001 and September 30, 2000 were as follows:

		Three Months Ended						Nine Months Ended
		September 30,			September 30,			September 30,			September 30,
		2001			2000			2001			2000
Average fleet size (measured in twenty-foot equivalent units (TEU))
	Dry cargo containers		47,055			46,961			47,112			46,820
	Refrigerated containers		659			660			660			660
	Tank containers		225			226			225			226
Average Utilization
	Dry cargo containers		65	%		76	%		67	%		76	%
	Refrigerated containers		92	%		96	%		92	%		97	%
	Tank containers		81	%		78	%		80	%		78	%

Dry cargo container average per-diem rental rates for the three and nine-month periods ended September 30, 2001 declined 9% and 6%, respectively, when compared to the same periods in the prior year. Refrigerated container average per-diem rental rates for the three and nine-month periods ended September 30, 2001 decreased 29% and 13%, respectively, when compared to the same periods in the prior year. Tank container average per-diem rental rates for the three and nine-month periods ended September 30, 2001 declined 8% and 9%, respectively, when compared to the same periods in the prior year.

(Continued)

11

Three Months Ended September 30, 2001 Compared to the Three Months Ended September 30, 2000

Income (loss) from operationsfor the three months ended September 30, 2001 was a loss of $316,234, as compared to income of $507,984 during the corresponding period of 2000. The decrease was primarily due to the impact of current market constraints on utilization and per-diem rental rates, and their cumulative effect on net lease revenue.

Net lease revenueof $1,637,838 for the three months ended September 30, 2001 was $725,263 lower than in the corresponding period of 2000. The decrease was due to a $707,098 decline in gross rental revenue (a component of net lease revenue) from the same period in 2000. Gross rental revenue was impacted by the Registrant’s lower utilization and per-diem rental rates. Management fees, a component of net lease revenue, were lower by $44,260 when compared to the corresponding period in 2000, and partially offset the decline in gross lease revenue. Direct operating expenses increased by $45,426 when compared to the corresponding period in 2000. Contributing to the increases in direct operating expenses were increases in storage and repositioning costs.

Depreciation expenseof $1,895,009 for the three months ended September 30, 2001 was $84,990 higher than the same period in 2000. 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 cumulative effect of these changes was an increase in depreciation expense of approximately $89,400 for the three months ended September 30, 2001

Other general and administrative expensesincreased to $59,063 in the third quarter of 2001, from $45,098 in the corresponding period of 2000, representing an increase of $13,965 from the same period in 2000. Contributing to this increase were professional fees and costs related to investor communications.

Net (loss) gain on disposal of equipmentwas a result of the Registrant disposing of 51 containers during the three-month period ended September 30, 2001, as compared to 86 containers during the same period in 2000. These disposals resulted in a loss of $2,248 for the three-month period ended September 30, 2001, as compared to a gain of $14,683 for the three-month period ended September 30, 2000. The Registrant believes that the net loss on container disposals in the three-month period ended September 30, 2001 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. As a result of current world events and market conditions, the Registrant is re-evaluating its asset impairment criteria.

Nine Months Ended September 30, 2001 Compared to the Nine Months Ended September 30, 2000

Income from operationsfor the nine-month period ended September 30, 2001 was $24,017, as compared to $1,980,434 during the corresponding period of 2000. The decrease was primarily due to a decline in net lease revenue.

Net lease revenueof $5,805,895 for the nine-month period ended September 30, 2001 was $1,749,504 lower than in the corresponding period of 2000. The decrease was due to a $1,932,314 decline in gross rental revenue (a component of net lease revenue) from the same period in 2000. Gross rental revenue was impacted by the Registrant’s lower utilization and per-diem rental rates. Other components of net lease revenue, including management fees and reimbursed administrative expenses were lower by a combined $266,333 when compared to the corresponding period in 2000, and partially offset the decline in gross lease revenue. Direct operating expenses increased by $83,523 when compared to the corresponding period in 2000. Contributing to the increase were storage and repositioning costs.

Depreciation expenseof $5,542,841 for the nine-month period ended September 30, 2001 was $116,196 higher than the same period in 2000. 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 depreciation changes is an increase in depreciation expense of approximately $119,300 from June 1 to September 30, 2001.

(Continued)

12

Other general and administrative expensesincreased to $239,037 during the nine-month period ended September 30, 2001, from $148,320 in the corresponding period of 2000, representing an increase of $90,717 from the same period in 2000. Contributing to this increase were professional fees and costs related to investor communications.

Net gain (loss) on disposal of equipmentwas a result of the Registrant disposing of 146 containers during the first nine months of 2001 as compared to 214 containers during the first nine months of 2000. These disposals resulted in a loss of $734 for the nine-month period ended September 30, 2001, as compared to a gain of $50,157 for the nine-month period ended September 30, 2000.

Liquidity and Capital Resources

Cash from Operating Activities:Net cash provided by operating activities was $6,039,836 and $8,849,825 during the first nine months of 2001 and 2000, respectively. The net cash generated in 2001 included earnings from operations and $520,336 in net lease receivables due from the Leasing Company. The net cash generated in 2000 reflected earnings from operations together with $123,758 in net lease receivables due from the Leasing Company.

Cash from Investing Activities:Net cash provided by investing activities was $368,037 and $152,901 in the first nine months of 2001 and 2000, respectively. These amounts represent sales proceeds generated from the sale of container equipment, offset in the first nine months of 2000 by the purchase of container rental equipment.

Cash from Financing Activities:Net cash used in financing activities was $6,798,932 during the first nine months of 2001 compared to $7,465,276 in the corresponding period of 2000. These amounts represent distributions to the Registrant’s general and limited partners. The Registrant’s fleet size, as well as current market conditions, may produce lower operating results and, consequently, lower distributions to its partners in subsequent periods. Sales proceeds distributed to its partners may fluctuate in subsequent periods, reflecting the level of container disposals.

Capital Resources

Aside from the initial working capital reserve retained from the gross subscription proceeds (equal to approximately 1% of such proceeds), the Registrant relied primarily on container rental receipts to generate distributions to its general and limited partners, as well as to finance current operating needs. No credit lines are maintained to finance working capital.

Item 3. 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. Of the remaining costs, the majority are individually small, unpredictable and incurred in various denominations and thus are not suitable for cost effective hedging. From time to time, the Leasing Company hedges 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 Company, there can be no assurance that such fluctuations will not adversely effect its results of operations and financial condition.

13

PART II — OTHER INFORMATION

Item 6. Exhibits and Reports on Form 8-K

(a) Exhibits

Exhibit
No.	Description	Method of Filing
3(a)	Limited Partnership Agreement of the Registrant, amended and restated as of December 15, 1993	*
3(b)	Certificate of Limited Partnership of the Registrant	**
10	Form of Leasing Agent Agreement with Cronos Containers Limited	***

(b)	Reports on Form 8-K
	No reports on Form 8-K were filed by the Registrant during the quarter ended September 30, 2001.

*	Incorporated by reference to Exhibit “A” to the Prospectus of the Registrant dated December 17, 1993, included as part of Registration Statement on Form S-1 (No. 33-69356)
**	Incorporated by reference to Exhibit 3.2 to the Registration Statement on Form S-1 (No. 33-69356)
***	Incorporated by reference to Exhibit 10.2 to the Registration Statement on Form S-1 (No. 33-69356)

14

SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

CRONOS GLOBAL INCOME FUND XV, L.P.
By	Cronos Capital Corp. The General Partner
By	/s/ Dennis J. TietzDennis J. Tietz President and Director of Cronos Capital Corp. (“CCC”) Principal Executive Officer of CCC
By	/s/ John KallasJohn Kallas Chief Financial Officer and Director of Cronos Capital Corp. (“CCC”) Principal Financial and Accounting Officer of CCC

Date: November 14, 2001

15

EXHIBIT INDEX

Exhibit
No.	Description	Method of Filing
3(a)	Limited Partnership Agreement of the Registrant, amended and restated as of December 15, 1993	*
3(b)	Certificate of Limited Partnership of the Registrant	**
10	Form of Leasing Agent Agreement with Cronos Containers Limited	***

*	Incorporated by reference to Exhibit “A” to the Prospectus of the Registrant dated December 17, 1993, included as part of Registration Statement on Form S-1 (No. 33-69356)
**	Incorporated by reference to Exhibit 3.2 to the Registration Statement on Form S-1 (No. 33-69356)
***	Incorporated by reference to Exhibit 10.2 to the Registration Statement on Form S-1 (No. 33-69356)