"We believe that the one sure thing is that globalization will result in rising standards of living in the developing countries," he said.
"And what rising standards of living at low per capita income means is more consumption of commodities. So, we're quite comfortable that the physical demand for commodities will be there in adequate quantities for shipping. And similarly, the way they'll pay for those commodities is by re-exporting finished products, so we think both sides of the equation have good long-term growth."
On CNBC's "Halftime Report," Ross played down the effect of China's GDP growth, expected to dip toward 6 or 6½ percent.
"By Western standards, that's still quite extraordinary," he said. "I think we have to expect that when a country is making a fundamental shift in the composition of its economy away from investment-driven and export-driven and into domestic consumption-driven, that's bound to have some bumps and pitfalls. So, I do think it'll be a little bumpy, but bumpy at the 6 or so percent GDP growth level is not exactly tragic."
Ross also explained why the initial public offering of Diamond S Shipping Group was pulled.
"We're in a position where we did not actually need the money," he said. "It was an opportunistic primary offering in order to buy still some more vessels."
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The IPO had been expected to price on Tuesday, and the company expected its stock to sell for $14 and $16 per share.
But Ross said that the numbers didn't make sense for the company at this time.
"They were willing to give us the underwriting but at a price that meant the net proceeds to us was less than the net asset value of the ships, so it didn't seem to us to make a lot of sense to do that," he said. "And therefore, while we still wish to be public, it's not that we want to be public at any price."
Ross is the largest shareholder in the privately held tanker company, holding a 32 percent stake.