3252712 - DestinationNotAvailableException: Participant is not available - AS Java node terminates with exit code 2150

Some J2EE server processes fail to start. Followings can be seen in the logs:

dev_server:

[...]
ERROR => Java node 'server2' terminated with exit code 2150.
[...]

std_server:

[...]
Caused by: com.sap.engine.frame.cluster.message.RemoteClusterException: Message listener of [naming] on server process [<node2 ID>] has thrown an exception. Request initiated by server process [<node1 ID>]
[...]

The problematic cluster element is <node2>. <node1>'s defaultTrace files show:

[...]
Caused by: com.sap.engine.frame.cluster.message.DestinationNotAvailableException: Participant [<node2 ID>] is not available
[...]

[...]
Cannot connect to cluster node [<node2 ID>] host [<hostname>/<IP address>:50220] for [0] millis
[EXCEPTION]
java.io.IOException: Connection closed because handshake timeout. p2p.connect.handshake.timeout = 10000
[...]

50220 is an example join port.

SAP NetWeaver Application Server Java all versions

J2EE cluster, AS Java, Application Server Java, NW AS Java , KBA , BC-JAS-COR , Enterprise Runtime, Core J2EE Framework , BC-JAS-COR-CLS , Clustering , Problem