3444298 - AS Java deployment fails due to java.net.SocketTimeoutException: Read timed out

During an upgrade/update, Software update manager (SUM) ends up with following error during "Deploy Software Components" step.

Deploy.0.trc:

[...]
An error occurred while restarting the server.
[EXCEPTION]
com.sap.engine.services.dc.cm.deploy.DeploymentException: An error occurred while restarting the server.
[...]  
Caused by: com.sap.engine.services.dc.cm.server.spi.RestartServerService$RestartServerServiceException: [ERROR CODE DPL.DC.3154] An error occurred while restarting the AS Java Cluster.
[...]
Caused by: com.sap.engine.services.dc.jstartup.JStartupException: [ERROR CODE DPL.DC.3312] An error occurred while restarting the cluster using SAP control webservice on URI [http://<hostname>:5XX13/?wsdl].
[...]
Caused by: javax.xml.ws.WebServiceException: Connection IO Exception. Check nested exception for details.
[...]
Caused by: com.sap.engine.services.webservices.espbase.client.bindings.exceptions.TransportBindingException: Connection IO Exception. Check nested exception for details.
[...]
Caused by: java.net.SocketTimeoutException: Read timed out (local port <...> to address <...> (<hostname>), remote port 5XX13 to address <...> (<.hostname>))

[...]

Or:

DEPLOY-COMPONENTS:

[...]
Reason: An error occurred while restarting the server.
[...]
com.sap.engine.services.dc.cm.deploy.DeploymentException: An error occurred while restarting the server.
[...]
com.sap.engine.services.dc.cm.server.spi.RestartServerService$RestartServerServiceException: [ERROR CODE DPL.DC.3154] An error occurred while restarting the AS Java Cluster.
[...]
com.sap.engine.services.dc.jstartup.JStartupException: [ERROR CODE DPL.DC.3312] An error occurred while restarting the cluster using SAP control webservice on URI [http://<hostname>5XX13/?wsdl].
[...]
javax.xml.ws.WebServiceException: Connection IO Exception. Check nested exception for details. (Read timed out (local port <...> to address <...> (<hostname>) remote port 5XX13 to address  <...> (<hostname>))).

[...]
com.sap.engine.services.webservices.espbase.client.bindings.exceptions.TransportBindingException: Connection IO Exception. Check nested exception for details. (Read timed out (local port <...> to address <...> (<hostname>), remote port 5XX13 to address <...> (<hostname>))).
[...]
java.net.SocketTimeoutException: Read timed out (local port <...> to address <...> (<hostname>), remote port 5XX13 to address <...> (<.hostname>))

[...]

SAP NetWeaver Application Server Java

Read timed out, Remote host, Local host ,TransportBindingException, java.net.SocketTimeoutException, SAP control webservice. , KBA , BC-JAS-DPL , Deployment , Problem