SINGAPORE, Feb 20 (Reuters) - Shares of Singapore's Neptune Orient Lines (NOL) rose as much as 4.8 percent to their highest since July after Maersk Line, the world's biggest container shipping firm, said it will cut 9 percent of its vessel capacity in the Asia-Europe trade.

"The planned capacity cut should support freight rates and people might be reading across to NOL," said Eric Ong, an analyst at Kim Eng.

By 0239 GMT on Monday, NOL shares were 3.8 percent higher at S$1.50 in a broader market up 0.5 percent. NOL shares have jumped more than 30 percent so far this year.

Maersk Line, a unit of Danish shipping and oil group A.P. Moller-Maersk, said the capacity reduction was a move to combat low freight rates resulting from an oversupply of container vessels on the Asia-Europe trade lane. (Reporting by Eveline Danubrata; Editing by Anshuman Daga)