Ping time has little to do with download speed. There can be and usually are multiple packets in flight at the same time. You can read up in a book on TCP/IP about sliding windows etc. if you want the nasty technical details.
On that server on diginet I get:
Pinging eve-online.com [213.167.138.92] with 32 bytes of data:
Reply from 213.167.138.92: bytes=32 time=393ms TTL=116
Reply from 213.167.138.92: bytes=32 time=410ms TTL=116
Reply from 213.167.138.92: bytes=32 time=396ms TTL=116
Reply from 213.167.138.92: bytes=32 time=390ms TTL=116
Ping statistics for 213.167.138.92:
Packets: Sent = 4, Received = 4, Lost = 0 (0% loss),
Approximate round trip times in milli-seconds:
Minimum = 390ms, Maximum = 410ms, Average = 397ms
This is probably the lowest you will get with any connection from South Africa to that server, except if you are physically sitting on the backbone. BTW, as far as I know that server in in Iceland, and a traceroute from my side says I am connecting via New York.
Note, 500ms is completely fine for playing Eve. Things does not happen fast in Eve.

You will probably only pick up problems if your ping goes into the thousands.